Malaysia’s SC probes five firms for unlicensed contracts dealing

May 15, 2014 Leave a comment

Updated: Thursday May 8, 2014 MYT 7:57:32 AM

SC probes five firms for unlicensed contracts dealing

“To assist SC’s investigation, relevant documents and IT equipment were seized. Statements were also recorded from the staff of the companies and other persons present during the raids,” the SC said. None of the companies or its representatives were licensed by SC to solicit for monies nor to deal in futures contracts. “The public is strongly advised not to deal with any unlicensed persons in connection with dealing in futures contracts and to contact SC should they have information about such dealings,” the regulator added.

PETALING JAYA: The Securities Commission (SC) is investigating five companies for suspected breaches of securities laws related to dealing in futures contracts without a licence.

The five are Jalatama Management Sdn Bhd (Company number: 929594-W), West Street Management Sdn Bhd (1063355-X), JAB Oceanic Sdn Bhd (1057304-V), JAB Consultant Sdn Bhd (1046272-D) and Xenovest Capital Sdn Bhd (1078155-A).

The regulator said in a statement yesterday that its enforcement team had conducted simultaneous raids at four of the company’s office locations in Kuala Lumpur.

“To assist SC’s investigation, relevant documents and IT equipment were seized. Statements were also recorded from the staff of the companies and other persons present during the raids,” SC said.

None of the companies or its representatives were licensed by SC to solicit for monies nor to deal in futures contracts.

“The public is strongly advised not to deal with any unlicensed persons in connection with dealing in futures contracts and to contact SC should they have information about such dealings,” the regulator added.

According to Sections 58 of Capital Markets & Services Act 2007, any company or individual conducting a regulated activity, which includes dealing in futures contracts, must hold a capital markets services licence.

A person who commits an offence under this section is liable, upon conviction, to a fine not exceeding RM10mil or to imprisonment for a term not exceeding 10 years or both.

 

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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