Stockholders to sue KLSE

Stockholders to sue KLSE

SINGAPORE (AP): The association which represents the Singaporean holders of shares frozen by Malaysia said Saturday it is setting up a fund to pursue legal action against the Kuala Lumpur Stock Exchange (KLSE).

David Gerald, president of the Securities Association of Singapore, said the fund will be for individual investors to take legal action against the Kuala Lumpur Stock Exchange and its subsidiaries.

The association has not yet decided the kind of legal action, Gerald said.

The shares, worth about US$4 billion, are mostly held by about 170,000 Singapore-based investors on Singapore's Central Limit Order Book. They were thrown into limbo when Malaysia banned external trading of its stocks in September 1998.