TWO former Jalatama Management Sdn Bhd (Jalatama) managers were each jailed for two years and fined RM2 million by the Sessions Court in Kuala Lumpur today after being found guilty of two charges of dealing in derivatives, a regulated capital market activity, without a licence.

The Securities Commission of Malaysia (SC) in a statement said Judge Ahmad Kamar Jamaluddin meted out the sentences against Su Eng Kooi and Yap Choong Seong, both 47, after going through a full trial.

According to the SC, the offence was committed between July 2011 and September 2013, according to section 58(1) of the Capital Markets and Services Act 2007 (CMSA) read together with section 367(1) of the same Act.

“Each of the accused was convicted and sentenced to one-year imprisonment and a fine of RM1 million (in default, a further one-year imprisonment) for each of the two charges.

The court ordered for the jail terms for each accused person to be served concurrently,” read the statement, adding that the two were first charged on July 5, 2017. – Bernama, December 12, 2022.