KUALA LUMPUR: A former executive with Malaysian Merchant Marine Bhd (MMM) was sentenced to five years’ jail and fined RM9mil for insider trading in the shares of the now-delisted marine company.
Sessions Court judge Azman Ahmad sentenced Datuk R. Ramesh after finding him guilty of three counts of insider trading while serving as the company’s deputy executive chairman.
He ruled that the defence failed to raise reasonable doubt against the accusations.
Defence lawyer Datuk Chong Loon Meng applied for a stay on both sentences on the grounds that his client has a family to support, failing which, suggested that Ramesh be allowed to pay the fine by instalments of RM100,000 per month.
However, Securities Commission prosecutor Hashley Tajudin objected to the defence's requests.
Judge Azman Ahmad allowed the stay for the jail term but dismissed the stay for the fine, ordering the accused to pay the RM9 mil by the end of the day, in default nine years' imprisonment.
The court also set an RM300,000 bail.
Ramesh was charged on April 29,2015 with three counts of insider trading involving over 10.2 million units of MMM's shares while in possession of insider information about the company’s financial situation.