KUALA LUMPUR: The Securities Commission Malaysia (SC) has directed Quantum Metal Exchange Inc (QMEI) founder and director Lim Khong Soon @ Lim Hock Seng to immediately cease and desist the offering of QMEI shares to the Malaysian public.
The regulator said the directive was issued following SC’s findings that QMEI is offering its shares to the Malaysian public, including through Quantum Metal Sdn Bhd’s (QMSB) website/platform to QMSB members.
“The QMEI share offering, which is ongoing, contravenes the requirements under securities laws,” it said in a statement today.
“This was carried out without seeking recognition and registering a disclosure document with the SC, which is in contravention of Section 212 (5) of the Capital Markets & Services Act 2007.”
Consequently, it said, the SC has also placed QMEI with its relevant details on the SC’s Investor Alert List at http://www.sc.com.my/investor-alert.