PETALING JAYA: The Securities Commission has initiated a civil suit at the Kuala Lumpur High Court against Datuk Dr Yu Kuan Chon for market rigging and manipulation breaches involving shares in
“Yu had allegedly traded and transacted in Shang shares using 15 central depository system accounts during the material period. His trades represented approximately 81.9% of the total volume of Shang shares traded on the market during this period,” the SC said in a statement. In its civil suit, the SC sought various orders which included for Yu to pay the SC a disgorgement sum amounting to RM26.57mil, which is three times the amount of monetary gain of RM8.86mil made by Yu as a result of the manipulation; as well as a civil penalty of RM1mil.
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