KUALA LUMPUR, Aug 24 (Bernama) -- The Kuala Lumpur Sessions Court today fined Singaporean Ong Soon Kiat RM20,000 in default four months' jail for market manipulation under the Companies Act 1965.

In a statement here today, the Companies Commission of Malaysia (SSM) said Ong was previously convicted of five counts of market manipulation under the Singapore Securities Industries Act.

For the offences, he was fined S$250,000 by a Singapore court on March 10, 1999.

As a result of his conviction in the Singapore court, Ong was automatically disqualified to become a director for five years in Malaysia under section 130 (1) (b) of the Companies Act.

However, said SSM, evidence revealed that on June 26, 2003, he had contravened that section when he was appointed a director in Semporan Sdn Bhd, without leave from the Malaysian High Court.

SSM said it would continue enforcement action to promote proper conduct amongst directors and officers of Malaysian corporations.