SC charges two Jalatama officers for dealing in derivatives without license

PETALING JAYA: The Securities Commission Malaysia (SC) has charged two officers of Jalatama Management Sdn Bhd for dealing in derivatives without a licence.
In a statement released yesterday, the commission said Su Eng Kooi and Yap Choong Seong, both 42 years old, were brought to the sessions court in Kuala Lumpur to face charges over offences allegedly committed between July 2011 and September 2013.
Su was arrested in Kuala Lumpur yesterday morning while Yap, a Singaporean, was arrested in Singapore on Monday with the assistance of the Malaysian and Singaporean police.
Both Su and Yap claimed trial, it said.
The SC said sessions court judge Zaman Mohd Noor fixed bail at RM30,000 with two sureties for Su, and ordered him to surrender his passport and report to the nearest police station twice a month until the end of the trial.
Yap was granted bail of RM150,000 with two sureties.
The case will be mentioned on Aug 9 and 8 for Su and Yap, respectively.
The SC said the offence, which falls under Section 58(1) of the Capital Markets Services Act 2007, carries a maximum fine of RM10 million, or imprisonment for a term not exceeding 10 years, or both.
Back in 2013, the SC warned the public that Jalatama was not licensed by the commission to solicit monies or to deal in derivatives, and subsequently raided its offices in an investigation into suspected breaches of securities laws.