The Kuala Lumpur Sessions Court today convicted two former officers of Jalatama Management Sdn Bhd (Jalatama) for carrying out a business of dealing in derivatives, a regulated capital market activity, without a licence. The offences were committed during the period between July 2011 to September 2013.
Sessions Court judge Ahmad Kamar Jamaluddin convicted Su Eng Kooi (Su), 47, and Yap Choong Seong (Yap), 47, with two charges each under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) read together with section 367(1) of the same Act.
Su and Yap, both officers of the Kuala Lumpur based-Jalatama, were first charged on 5 July 2017. After a full trial, each of the accused person was convicted and sentenced to a one-year imprisonment and a fine of RM1 million (in default, a further one-year imprisonment) for each of the two charges. The court ordered for the jail terms for each accused person to be served concurrently.
Under section 58(1) of the CMSA, a person found guilty is liable to a fine not exceeding RM10 million or imprisonment not exceeding 10 years or both.
The SC would like to remind members of the public that dealing in derivatives is a regulated activity and any person carrying on a business of dealing in derivatives requires a licence from the SC under the CMSA.
The SC advises investors to verify the licence or registration information of individuals, companies and platforms offering capital market services or products, before deciding on investment opportunities. They should also check the SC’s Investor Alert List, which is constantly updated to warn investors of identified companies or individuals that carry out unlicensed investment activities or scams. Investors can refer to the full list of licensed companies or individuals offering capital market activities at www.sc.com.my/regulation/licensing/licensed-and-registered- persons / www.sc.com.my/development/digital/list-of-registered-recognized-market-operators.
