What has happened to Suremax's case? What is Philip Wong Chee Kheong doing now?

PRESS RELEASE
SC charges Philip Wong Chee Kheong, Ivan Ng Chong Yeng and Francis Bun Lit Chun for manipulating Suremax shares

The Securities Commission (SC), having obtained consent from the Attorney General's Chambers, today charged Philip Wong Chee Kheong, Ivan Ng Chong Yeng and Francis Bun Lit Chun in the Kuala Lumpur Sessions Court 1, one of the dedicated courts for capital market offences, for manipulating Suremax Group Berhad (Suremax) shares.

The three accused were charged for creating a misleading appearance with respect to the price of Suremax shares by executing transactions of buy and sell in 153 accounts at 12 stockbroking firms, an offence under section 84(1) of the
Securities Industry Act 1983 (SIA) read together with section 34 and section 40 of the Penal Code.

They were also charged with the alternative charge of creating a misleading appearance of active trading in the shares of Suremax by using the 153 accounts, without any change in the beneficial ownership of the shares, an offence under
section 84(1) of the SIA read together with section 34 and section 40 of the Penal Code.

Both offences are punishable under section 88B of the SIA and are liable upon conviction to a fine of not less than RM1 million and to imprisonment for a term not exceeding 10 years.

The application by counsel for Philip Wong to be released on bail was opposed on grounds that:

* Phillip Wong earlier could not be traced by the SC during investigation. He was finally located on 21 September 2005, with assistance from the Royal Malaysian Police; and
* he had approached witnesses in the case who felt threatened/intimidated.

After an Affidavit in Reply by Phillip Wong was tendered to the Court, the Court granted Philip Wong bail at RM600,000 with two local sureties and all travel documents to be surrendered to court.

The Court granted Ivan Ng and Francis Bun bail, each at RM500,000 with one surety and all travel documents to be surrendered to court.

The Court has fixed the case for trial on 4-8 and 14-18 August, 4-8 and 18-22 September, and 9-13 October in 2006. Deputy Public Prosecutors Abang Iskandar Abang Hashim and Roz Mawar Rozain appeared for the prosecution.

The SC has brought to court a number of previous cases on market manipulation, having speedily investigated such cases. These include:

* Chin Chan Leong & Joanne Hiew (Fountain View) - charged in 2005, case on-going
* Puniyamurthi a/ Perianan (Actacorp) - charged in 2002; convicted in 2003
* Rafique Mohd Ibrahim & Ariffin Abdul Majid (Actacorp) - charged in 2002;
case on-going
* Tan Soon Geok & Esmail Naziadin (Gensoil) - charged in 2002; case on-going
* Low Thiam Hock (Repco) - charged in 1999; case on-going

Market manipulation cases are typically highly complex to investigate and difficult to prosecute, as evidenced by the few jurisdictions that have had successes in this area.

Oversight by the SC of the capital market involves a continuous process of supervision, surveillance and enforcement, and when there is sufficient evidence from investigations, relevant action will be taken. All market participants also have a fundamental role in upholding the integrity of the market.
SECURITIES COMMISSION
25 October 2005