nazr zach's comment on HIBISCS

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nazr zach's comment on HIBISCS. All Comments

nazr zach

1 Like · Reply

Bursa Malaysia Securities Bhd has fined Teo Chee Cheong RM74,500 with a 10-month trading suspension for engaging in manipulative trading activities involving shares in eight companies.

3 years · translate ·

nazr zach

According to a statement by Bursa Securities, Teo had manipulated order book of the securities over a period of about one year when he was a proprietary day trader at TA Securities Holdings Bhd.
Teo, the regulator said, had placed buy orders "at multiple price levels" in quantities of 200,000 to 500,000 units per order, at or near the best bid prices in short intervals, which controlled the buy side of the order books.

Like · 3 years · translate

nazr zach

This had induced other market participants into the market. The participants bid at higher prices or queued at Teo's facilitated price levels, after which he would cancel the buy orders and turn seller to dispose of his outstanding shares at the higher prices.
The process gave rise to the misleading appearance of strong demand for the relevant counters, and the cancellations indicated that he did not intend to buy these shares, the statement added.

Like · 3 years · translate

nazr zach

The eight counters were Malaysia Building Society Bhd, Dagang NeXchange Bhd, Hibiscus Petroleum Bhd, Dagang NeXchange Bhd warrants, Johan Holdings Bhd, Sapura Energy Bhd, UMW Oil & Gas Corp Bhd (now Velesto Energy Bhd) and Sino Hua-An International Bhd.

1 Like · 3 years · translate

nazr zach

Teo, the regulator said, had contravened and/or triggered the provisions of Rules 3.14(d), (e) & (g) and 5.01(b) of the Rules of Bursa Malaysia Securities and paragraph 1.1(1)(h) of Directives No 5-001 of the Participating Organisation Directives and Guidance.

Like · 3 years · translate

nazr zach

The rules stated, among others, that a registered person must not do anything which may result in the market not being orderly and fair, and that the person must not engage in a practice that might lead to misleading appearance of active trading in any securities in the market.

Like · 3 years · translate

Yong Hao

is it consider good news ?

Like · 3 years · translate

nazr zach

we have been cheated today.. I am ggoing to lodge a formal complaint to SEC.

Like · 3 years · translate

Jack Sheng Chen

2020 September news?

Like · 3 years · translate

ah mao

lol every counter I see u commenting u want to lodge report to SC.... Kesian la u lose money in every counter

Like · 3 years · translate

ah mao

I suggest u go take a law degree , become a lawyer

Like · 3 years · translate

Jex Tan

this is back to future person...he got time machine?!

Like · 3 years · translate

nazr zach

i already have double degree law n petroleum.. see you in court bruh

1 Like · 3 years · translate

Mie Zar

why fine so low..74k only..

Like · 3 years · translate

Admiral Adama

So many of them spoofing and layering everyday but only one get caught.

Best part is Bursa fined him for 75k only. Now i know why no one give a sh1t about getting caught.

Like · 3 years · translate

eric leow

these modus operandi had been used for ages,this is how bilis got trap at high price

1 Like · 3 years · translate

nazr zach

Mie Zar, Bursa suggests if there is any disputes, you can seek clarification from your broker or refer the matter to SIDREC for arbitration. Hibiscs can also do this and sue for loss of income worth millions.

Like · 3 years · translate

nazr zach

Adama.. Lets put this to an end. These PDTs can loose their license. There is a few of them already posted on SEC website as WANTED. Arrest Warrant issued. SEC brought the matter up to court. Subpena issued. They got their balls frozed and skip court. Finally get caught!!
Its not fair to everybody and especially Hibiscs for their fine planning and work.
They and you all don't deserve this. We all deserve better.
BURSA and SEC will revert in 48 hours time.
Will keep you all posted.

Like · 3 years · translate

Barry Allen

RM 74,500 small change for them

1 Like · 3 years · translate

Barry Allen

Well, the good thing is that cat orders will go through, won't cancel hehe..... It is when almost time up, some would last second enter order and make the closing a little different from theoretical