The Securities Commission Malaysia today has directed Dato’ Lim Khong Soon @ Lim Hock Seng, the Founder and Director of Quantum Metal Exchange Inc (QMEI), to immediately cease and desist the offering of QMEI shares to the Malaysian public.
The regulator said QMEI share offering, which is currently ongoing, contravenes the relevant requirements under securities laws. The cease-and-desist directive was issued following the its findings that QMEI is offering its shares to the Malaysian public, including via the Quantum Metal Sdn Bhd’s (QMSB) website/platform to QMSB members.
It said the offerings were carried out without seeking recognition and registering a disclosure document with the SC which is in contravention of Section 212 (5) of the Capital Markets & Services Act 2007.
Consequently, the SC has also placed QMEI with its relevant details on the SC’s Investor Alert List
