Securities Regulator Charges Yim Leak Over Late MVP Share Sale Report
The SEC has charged Yim Leak for filing his MVP share sale disclosure more than two years late, a violation discovered during the regulator's monitoring that he declined to settle through conciliation.
The Securities and Exchange Commission (SEC) has filed charges against Yim Leak for late disclosure of his sale of MVP shares. On April 25, 2022, Yim sold MVP shares that reduced his stake below the 5 percent voting threshold, triggering a requirement to file Form 246-2 within three business days—by April 28, 2022. Instead, Yim submitted the notification on October 15, 2024, more than two and a half years late. The SEC discovered the violation during its own monitoring and investigation.
The violation breaches Section 246 of the Securities and Exchange Act, which carries penalties under Section 298. The SEC had previously invited Yim to settle the matter through a conciliation committee established under Section 317 of the law, but he declined. As a result, the SEC referred the case to the Economic Crime Suppression Division for further legal action.
Enek Yuayuen, SEC Deputy Secretary-General and Spokesman, stated that although the late filing was eventually submitted, it resulted partly from the SEC's inspection process. The case demonstrates the SEC's ongoing efforts to monitor and enforce securities law compliance. Following the charges, the matter will proceed through criminal investigation, prosecution, and court proceedings, with the SEC providing full support to relevant agencies in enforcing the Securities and Exchange Act.