IN a very rare, Sunday press release, the SC today said that ir READ : has directed Quantum Metal Exchange Inc (QMEI) founder and director Datuk Lim Khong Soon @ Lim Hock Seng to immediately cease and desist the offering of QMEI shares to the Malaysian public.
ON February 5th 2024, I had pointed out READ : Quantum Metal had crossed the line when it publicly promoted to private placement to more than 50 people as the company may have breached Section 43(3) of the Companies Act 2016.
SUBSEQUENTLY, on March 9 2024, I had highlighted that READ : Lim Khong Soon was offering the shares, at about US$6, at a time when Quantum Metal Exchange Inc shares are trading at 40 cents, plus those who take up the offer are not allowed to sell freely.
WITH the SC action today, does it mean that the worst is over for Lim Khong Soon? The answer is a hell NO.
THE worst is yet to come for Lim Khong Soon who specifically targeted the B40 group. As I had written earlier today READ ; The Quantum Metal Roof Is about to cave in, and justice must be seen to be done.
