KL to cane fraudsters

KL to cane fraudsters

KUALA LUMPUR (AFP): Malaysia, which just amended a law to cane corporate cheats, is making changes to regulations to whip stock market fraudsters as well, officials were reported yesterday saying.

The finance ministry has finalized amendments to the Securities Industry Act to impose heavier penalties, such as a maximum fine of one million ringgit (US$250,000) and mandatory whipping, for stock market offenses, The Star daily reported.

The paper quoted Mohamed Shariff Abu Samah, a senior official of the finance ministry, as saying that market manipulation, share rigging and short-selling, and insider trading were among whippable offenses.

"We consider such offenses to be very serious and that is why we are amending this Act to equate stock market offenses with any other white-collar crime," Mohamed Shariff said.