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Datuk Seri Stanley Thai Kim Sim (Photo by Shahrin Yahya / The Edge)
+A KUALA LUMPUR (September 29): The High Court today reversed the decision of the Court of Sessions three years ago by convicting former Supermax Corp Bhd Managing Director Datuk Seri Stanley Thai Kim Sim of insider trading in connection with the shares. from APL Industries Bhd (APLI).
Judicial Commissioner Datuk Azhar Abdul Hamid also overturned the conviction of former remisier Tiong Kiong Choon.
Azhar, in his decision, said he found the sentence “unsecured” after listening to the presentations.
“Hence the conviction and sentence are annulled,” said the judicial commissioner.
Former remisier Tiong Kiong Choon (left). (Photo by Shahrin Yahya / The Edge)
Thai was sentenced to five years in prison on November 24, 2017, and fined RM5 million by the Court of Sessions after being convicted of insider trading. Tiong, who was also sentenced to five years in jail, was fined RM10 million.
Insider trading offenses, under Article 188 of the Capital Markets and Services Act 2007, carry a mandatory prison term not to exceed 10 years and a fine of not less than RM1 million.
Thai was charged / convicted of communicating non-public information between October 26-29, 2007 to Tiong. Tiong was convicted of two charges of disposing of a total of 6.21 million APLI shares while in possession of the same non-public information through accounts belonging to his mother-in-law and mother.
At the time the crimes were committed, Tiong was a licensed intraday trader in a brokerage firm.
More to come
Read also:
Supermax Reduces Loss After High Court Settles Former MD Stanley Thai Guilty Verdict
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