KUALA LUMPUR: The Securities Commission has sued seven individuals at the Kuala Lumpur High Court for the manipulation of shares in APL Industries Bhd (APLI). The SC said it is currently seeking court orders for disgorgement and civil penalty of up to RM7 million and barring the defendants from the capital market. The trades carried out by Ng in the accounts of the other six defendants represented 30.36 per cent of the total volume of APLI shares traded on the market. The disgorgement of all profits obtained by the defendants as a result of the manipulation, will be used to compensate affected investors. The SC is also claiming a civil penalty of RM1 million from each of the seven defendants and orders to bar the defendants from being a director of a public listed company and from trading on the stock exchange for a period of five years.

Source: New Strait Times September 27, 2017 12:56 UTC