Quantum Metal Exchange slapped with cease and desist directive

KUALA LUMPUR (March 24): The Securities Commission Malaysia (SC) has directed Quantum Metal Exchange Inc (QMEI)’s founder and director Datuk Lim Khoong Soon @ Lim Hick Seng to immediately cease and desist offering the company’s shares to the Malaysian public.

The QMEI share offering, which is currently ongoing, contravenes the relevant requirements under securities laws, the SC said in a statement on Sunday.

The cease-and-desist directive was issued following the SC’s findings that QMEI has been offering its shares to the Malaysian public, including via the Quantum Metal Sdn Bhd (QMSB) website/platform to QMSB members.

This was 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. As a result, the SC has also placed QMEI, with its relevant details, on the SC’s Investor Alert List.

“When evaluating investment offers, investors are advised to exercise caution,” it said.