Former 3A director Fang pleads guilty to insider trading


The Kuala Lumpur Sessions Court yesterday convicted Fang for two offences under the insider trading provisions in the Capital Markets and Services Act (CMSA), the Securities Commission (SC) said in a statement.

KUALA LUMPUR: Former Three-A Resources Bhd (3A) executive director Fang Siew Yee has pleaded guilty to insider trading offences.

The Kuala Lumpur Sessions Court yesterday convicted Fang for two offences under the insider trading provisions in the Capital Markets and Services Act (CMSA), the Securities Commission (SC) said in a statement.

Fang had pleaded guilty to two separate charges of communicating inside information to her uncle, Fong Chiew Hean, who subsequently acquired 3A shares, as well as acquiring shares when in possession of the said information.

Following her conviction, the court sentenced her to one day imprisonment and a total fine of RM5mil for both charges.

The inside information relates to the proposed collective venture between the businesses of 3A and Wilmar International Ltd involving a 20% private placement of the issued and paid-up share capital of 3A to Wilmar.

At the material time, Fang was the executive director of 3A and had represented the company in a series of meetings and negotiations with Wilmar on the proposed collective venture.

Separately, the SC also said it has charged Uzir Abdul Samad at the Johor Bahru Sessions Court yesterday for three offences related to unlicensed capital market activities.

Uzir, who has been at large since 2016, was apprehended yesterday at his home in Selangor following a tip off from members of the public.

A former director of UAS Bistari Management Sdn Bhd, Uzir was charged for holding himself out as a fund manager when he is not licensed by the SC to carry out the regulated activity of fund management.

This is an offence under section 58(1) of the Capital Markets and Services Act 2007 (CMSA), which carries a maximum fine of RM10mil or imprisonment up to 10 years or both.

He was also charged for two offences under section 362(3) of the CMSA for using the titles of “Fund Manager” and “Securities Commission Capital Market Services Representative’s Licence (CMSRL) holder”.

These offences carry a maximum fine of RM1mil or imprisonment term not exceeding five years or both, for each offence.

Uzir was denied bail pending trial to all three charges.

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