Supermax executive chairman, wife charged with insider trading (Update)

KUALA LUMPUR: Supermax Corporation Bhd’s executive chairman and group managing director Datuk Seri Stanley Thai and his wife Datin Seri Cheryl Tan were charged by the Securities Commission with insider trading involving the shares of APL Industries Bhd in 2007.

Supermax, which makes gloves, issued a statement on Monday that Thai and his wife, who is an executive director of the company, were charged under Section 188 3(a) of the Capital Markets and Services Act 2007 involving APLI shares in 2007. Both claimed trial to the charges preferred against them. 

The Sessions Courts in Kuala Lumpur granted them bail of RM250,000 with one surety each despite the prosecution demanding RM500,000 with two sureties after hearing from counsel for both, said the company.

“The above-mentioned charges on both Datuk Seri Stanley Thai and Datin Seri Cheryl Tan are strictly related to transactions in APLI shares which allegedly occurred in 2007.  The charges against them are therefore related to facts allegedly occurring seven years ago,” it said. 

Supermax also said both had fully cooperated with the SC throughout the investigations related to APLI shares. 

The company stated that it was business as usual at Supermax, all its subsidiaries and overseas distribution centres. It added that the business operations were not affected and were running as usual in all Supermax offices and factories.

Last week, the SC charged a remisier Tiong Kiong Choon with insider trading offences involving APL Industries shares in 2007.

Tiong was charged with selling 6.208 million APLI shares via the accounts of his mother-in-law, Bong Nyon and his mother, Ling Moy Yang on  Oct 26, 2007 and Oct 29, 2007.

The SC said he had non-public information involving the audit adjustments proposed by APLI’s auditors. The adjustments would result in APLI reporting a higher loss of RM21.1mil in FY ended June 30, 2007 as compared to the unaudited results of RM4.5mil for the same period. 

 The effect of the adjustments would result in APLI being designated as a PN 17 company.

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