Is FEAR the key? Supermax, Politics, Stanley Thai and Rafidah Aziz…

16 April 2018




Rafidah resigns as Supermax chair, saying, ‘don’t fear intimidation’

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Former minister Rafidah Aziz has resigned as chairperson of Supermax Corporation Bhd after the latex glove conglomerate’s managing director Stanley Thai apologised to incumbent prime minister Najib Abdul Razak for supporting the opposition in the 2013 general election.

Thai is facing five years in prison after he was convicted of insider trading in 2014. He is currently appealing the conviction.

“Pursuant to the ‘apology’ by Stanley Thai to the (incumbent) prime minister for whatever he did during the 13th general election, I have resigned from serving as a director of Supermax Corporation and as the chairperson, with effect from April 14.

“While it is his right to do what he feels he needed to do, I do not share the same sentiments,” Rafidah told Malaysiakini.

She said it was a democratic right to support any political party.

“I adhere very strongly to the values and principles of integrity, honesty and to enforce my democratic rights to support any political party and to speak up on any issue of public interest and to fear no intimidation from anyone when I speak the truth,” she said.


Last Saturday, Thai (photo) called a press conference to make a formal apology to Najib.

“I regret that in GE13, I believe I was influenced by the opposition. Being a businessperson, I should not be involved in politics under any circumstances, and I regret it,” he had said.

Following the results of GE13, the Employees Provident Fund sold off its shares in Supermax, with the share prices taking a hit.

In a 2013 interview with Bloomberg, Thai had said he supported the opposition “to protect the future of my children”.

He said the Chinese had lost the fear of going against the BN after the ruling coalition did badly in the 2008 general election.




27 November 2017

Supermax chairman Rafidah says company, board ‘strongly behind’ MD

KUALA LUMPUR: Supermax Corp Bhd chairman Tan Sri Rafidah Aziz said the group and its board of directors are “strongly behind” their managing director (MD) Datuk Seri Stanley Thai who has been convicted of insider trading.

“The board and company stand strongly behind Datuk Seri Stanley Thai in these trying times,” Rafidah said in a statement on Sunday. At the same time, she also highlighted that Thai’s charge was related only to APL Industries Bhd and not Supermax.

Last Friday, Thai was sentenced to a five-year jail term and fined RM5 million for insider trading involving APL Industries shares. He was convicted along former remisier Tiong Kiong Choon.

Thai was chief executive officer of APL Industries, a rubber glove maker that was delisted from Bursa Malaysia in February 2009.

“Thai’s lawyers have filed an appeal. His lawyers have advised that there are sufficient grounds to appeal on the conviction. As to the sentence, his lawyers have also filed an appeal on the grounds that it is manifestly excessive.

“We have full confidence in the judicial process and we wish to highlight at this juncture that a stay of execution has been granted pending the said appeal. Therefore, it is business as usual and all stakeholders can be assured of the continued success of the company,” Rafidah said.

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2 Responses to Is FEAR the key? Supermax, Politics, Stanley Thai and Rafidah Aziz…

  1. Doris Looi says:


  2. Pingback: Datin Seri Cheryl Tan Bee Geok, wife of Stanley Thai, Supermax Corp Bhd: Convicted of insider trading offences… | weehingthong

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