(June 26): The Securities Commission of Malaysia said on Wednesday it has sued Datuk Dr Yu Kuan Chon for alleged market rigging and manipulation involving shares of Shangri-La Hotels (M) Bhd (KL:SHANG) in 2018.

In its civil suit, the SC is seeking for, among others, orders to compel Yu to pay disgorgement amounting to RM26.57 million, three times the gain from the alleged manipulation, the regulator said in a statement.

The SC also wants a civil penalty of RM1 million be imposed on Yu and for him to be barred from managing any public company for five years.

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