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09.02.2018

VOICE OF MSWG

The local capital markets received a boost this week when a slew of new measures to stimulate market vibrancy were announced.

These included liberalising margin financing rules, allowing intraday short selling to ALL investors and introducing a new category of traders who trade on their account, known as 'Trading Specialists', the idea being of course to boost market participation.

There were also other measures, including the introduction of a volume-based incentive programme and giving new investors a fee waiver on trading and clearing fees for six months, both also designed to encourage more participation.

The PM also announced the establishment of the Malaysia-Singapore Connect, enabling stock market investors on either side of the divide to trade in the other’s capital markets seamlessly.

15 July 2017

MSWG’S QUICK TAKE ON-ONGOING CORPORATE DEVELOPMENTS

AXIS INCORPORATION BHD (“AXIS”)

The Kuala Lumpur Sessions Court convicted and jailed two former executive directors of Axis Incorporation Bhd (Axis) for furnishing false statements to Bursa Malaysia.

Lee Han Boon and Saipuddin Lim Abdullah both pleaded guilty for furnishing false information to the stock exchange in relation to Axis’ revenue of RM91.13 million. Out of that amount, RM51.5 million was false for the fourth quarter ended 31 March 2008. Lee and Saipuddin also respectively faced four other counts of the same offence in relation to Axis’ consolidated income statement for all four quarters in its financial year ended 2007.

Lee, 36, a former substantial shareholder and executive director of Axis was sentenced to seven months imprisonment and fined RM200,000. Saipuddin, 58, also a former substantial shareholder and executive director of Axis was sentenced to 12 months imprisonment.

The trial against Lee and Saipuddin started in 2015. It will continue against two other individuals, Koh Tee Jin and Lee Koon Huat, who were charged and jointly tried with Lee and Saipuddin for the same offences.

[Source: Media release on SC’s website on 10 July 2017]