Expert: S. Taylor
Malaysia’s market regulator brought a civil lawsuit against eight foreign parties and two Malaysians over alleged manipulation, rigging and fraud of Iris Corp (IRIB.KL) shares. The commission accused the defendants of conspiring to manipulate the market and share price of Iris, and to defraud investors. Its probe spanned several countries including the United States, Hong Kong and Singapore, and involved tracing more than 200,000 e-mail messages and more than 100 trading accounts. The manipulation was carried out through a complex layering of the origination of the orders and transactions via foreign intermediaries in several jurisdictions.