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KUALA LUMPUR: The Superior Court today released a former CEO of a latex company accused of insider trading related to shares of a subsidiary company.
Judicial Commissioner Azhar Abdul Hamid ruled that the conviction of Stanley Thai, former director of Supermax Corporation Bhd, was not secure.
“I am persuaded by the arguments presented by the defendant’s lawyer and I consider that the sentence is not certain.
“The five-year jail sentence is now overturned and the fine paid by the defendant (RM5 million) is now reimbursed,” he said after hearing presentations from the prosecution and defense.
However, the judge did not elaborate on how the court found Thai not guilty.
The court also released former remisier Tiong Kiong Choon from two charges of insider trading. Tiong had been accused of selling 6,208,500 shares of Supermax’s subsidiary, APL Industries Bhd, while in possession of non-public information.
Thai, who was accused of communicating the information to Tiong between October 26 and 29, 2007, told reporters that he would release a statement regarding his acquittal later.
In November 2017, the Session Court sentenced Thai to five years in prison and fined him 5 million ringgit after finding him guilty of insider trading under Section 188 of the Capital Markets and Services Act. .
Tiong was imprisoned for five years and fined RM10 million.
Thai and Tiong were represented by attorneys Shamsul Sulaiman and Yusof Zainal Abiden, respectively, while Deputy Prosecutor Mohd Hafiz Yusoff appeared for the indictment.
