The Malaysia Securities Commission announced that the Kuala Lumpur High Court has dismissed the appeals by Su Eng Kooi and Yap Choong Seong against their 2022 convictions and sentences for carrying on a business in regulated capital market activities without a licence, linked to Jalatama Management Sdn Bhd’s unlicensed trading in futures contracts and dealing in derivatives. The two, who were officers of Jalatama at the time, were charged on 5 July 2017 under section 58(1) of the Capital Markets and Services Act 2007, read with section 367(1), for offences deemed committed between July 2011 and September 2013. Following a full trial, the Sessions Court convicted them on 12 December 2022 and sentenced each to one-year imprisonment and a RM1 million fine, with a further one-year imprisonment term in default. The High Court found no errors of law or fact by the Sessions Court and agreed the sentences were not manifestly excessive. The High Court also dismissed the appellants’ application for a stay of proceedings filed before the appeal hearing, and granted a stay of execution of the sentences pending a final appeal to the Court of Appeal. The Securities Commission reiterated that dealing in derivatives is a regulated activity and that any person carrying on a business in regulated activities requires a licence under the CMSA.
Malaysia Securities Commission 2026-02-20
Malaysia Securities Commission reports High Court affirms one-year jail terms and RM1 million fines for unlicensed derivatives business
The Malaysia Securities Commission announced that the Kuala Lumpur High Court dismissed appeals by Su Eng Kooi and Yap Choong Seong against their convictions and sentences for unlicensed trading in futures contracts and dealing in derivatives. The High Court upheld the Sessions Court's decision, finding no errors and agreeing the sentences were appropriate. A stay of execution was granted pending a final appeal to the Court of Appeal.