SC Takes Action!

Oh yeah, what a lovely way to start the day. (MU won 1-0 helped too!)

Posted on Star: SC files suit against Repco Low, 9 others over Iris share fraud and on Business Times: SC files landmark suit and posted on the SC website here:

• From September 2005 to May 2006, the price of Iris shares rose by 17 times from RM0.08 to a closing high of RM1.36 per share on the back of very strong demand with an average of 200 million shares being traded daily.
  
  The SC’s investigation found that the manipulation was carried out through a complex layering of the origination of the orders and transactions via foreign intermediaries in several jurisdictions.
  
  The investigation further revealed that the defendants had collectively used numerous trading accounts which contributed to the strong demand for Iris shares during the material period. The foreign defendants and their representatives worked closely with the Malaysian defendants in creating an artificial demand for Iris shares.
  
  The SC was able to unravel the defendants’ activities through painstaking and careful analysis of trading data of more than 100 trading accounts at 15 local and 16 foreign brokers, records of various communication modes between the perpetrators including more than 200,000 e-mail messages, and recording of statements from witnesses locally and overseas.

And fellow blogger Dali commented the following:

• About time we brought some of these leeches to court. The SC should be applauded for having the political will to bring this on. I am sure many people would have put up obstacles and muscle in with their connections to prevent this from eventuating. Is this thanks to the new political landscape? I hope so, the winds of change are blowing through, and the winds of betterment are also best reflected in the way independent oversight bodies conduct themselves, without fear or favour. Plus protecting the minority shareholders and maintaining integrity within the financial system. Hugs and kisses all around. ( http://malaysiafinance.blogspot.com/2008/04/sc-files-landmark-civil-suit-marking.html )

Well it's really about time isn't it?