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

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

Stanley Thai Kim Sin: In November 2017, he was convicted of insider trading and sentenced to 5 years in jail. He has appealed.

His wife, Cheryl Tan, was found guilty of insider trading on 9 August 2018. Her sentence is 5 years in jail and a fine of RM7 million. She will appeal.

zzzimages.jpg

https://www.malaysiastock.biz/GetReport.aspx?file=AR/2014/5/12/7106%20-%200357243540864.pdf&name=SUPERMX-AnnualReport2013.pdf

Her sister, Tan Bee Hong, was also found guilty of insider trading on 9 August 2018. Her sentence is also 5 years in jail and a fine of RM7 million. She will appeal.

10 August 2018

Star

Supermax ED vacates office after fine, jail term


zzzchryl
The Kuala Lumpur Sessions Court yesterday convicted Cheryl(file pic) and her sister for insider trading offences committed in October 2007, the Securities Commission said in a statement.

KUALA LUMPUR: Supermax Corp Bhd said group executive director Datin Seri Cheryl Tan Bee Geok has vacated her office after she was fined RM7mil and sentenced to a five-year jail term for insider trading offences.

The company, in a statement today, said a succession plan is in place and it is business as usual in Supermax.

“The position of the business remains intact and the management stands strong in growing the business going forward,” it said in statement today.

The Kuala Lumpur Sessions Court yesterday convicted Cheryl and her sister for insider trading offences committed in October 2007, the Securities Commission said in a statement.

Cheryl’s sister Tan Bee Hong was convicted of insider trading as she was found to have disposed of 350,000 APLI shares while in possession of material non-public information.

Cheryl, who was an executive director of APL Industries Bhd in charge of finance then, was convicted of communicating the said non-public information to her between Oct 23, 2007 and Oct 31, 2007.

She had tipped her sister on the audit adjustments proposed by APLI’s auditors, which resulted in APLI reporting a higher loss for the financial year ended June 30, 2007 compared to the previously reported unaudited fourth quarter for the same financial year. The audit adjustments led to APLI being classified as a Practice Note 17 (PN17) company.

APLI made announcements to Bursa Malaysia about the audit adjustments and its classification as a PN17 company on Oct 31, 2007. The sisters were tried together in a full trial, where 13 witnesses testified for the prosecution and four witnesses for the defence.
.

Read more at https://www.thestar.com.my/business/business-news/2018/08/10/supermax-ed-vacates-office-after-fine-jail-term/#pk5YesMsFOr5ds2K.99

9 August 2018

..

KUALA LUMPUR (Aug 9): Supermax Corp Bhd says that a succession plan is in place and that its business remains intact after the Kuala Lumpur Session Court today convicted its group executive director Datin Seri Cheryl Tan Bee Geok – who is spouse of Supermax’s founder and former executive chairman and group managing director Datuk Seri Stanley Thai – of insider trading offences involving APL Industries Bhd (APLI) shares. APLI was one of the companies under the Supermax’s group of companies.

In a filing with Bursa Malaysia this evening, Supermax said the court has granted a stay of execution pending appeal against the conviction and sentence.

“The company wishes to inform members of the public a succession plan is in place and that it is business as usual in Supermax. Its management team is committed to delivering good business performance and profitability in the interest of the company and its shareholders.
.
In a separate filing, Supermax said Bee Geok has vacated her position with immediate effect.

http://www.theedgemarkets.com/article/supermax-says-sucession-plan-place-after-conviction-group-ed

Court dismisses tycoon’s bid to return as Supermax director

August 9, 2018

Businessman Stanley Thai was convicted of insider trading last year and was jailed five years.

zzzthai

KUALA LUMPUR: The High Court here has dismissed an application by tycoon Stanley Thai to be reinstated as the company director for Supermax Corporation Bhd.

The application was sought by Thai after he was disqualified as a director of Supermax following his conviction of an insider trading offence in November 2017.

In a brief statement, the Securities Commission confirmed that the businessman could not return to serve his company following a five-year jail sentence by the Sessions Court in November for the offence under Section 188 of the Capital Markets and Services Act.

Thai communicated non-public information to a remisier in 2007 on the audit adjustment proposed by Supermax’s former associate company, APL Industries Bhd (APLI).

Under the Companies Act, a person is disqualified from being a company director if he is convicted for three months. Thai was the managing director for Supermax when he was found guilty.

Today, Thai’s wife Tan Bee Geok and sister-in-law Tan Bee Hong were also found guilty of insider trading for disclosing non-public information on APLI’s shares.

Both were jailed five years and fined RM7 million each by the Sessions Court.

http://www.freemalaysiatoday.com/category/nation/2018/08/09/court-dismisses-tycoons-bid-to-return-as-supermax-director/

Advertisements
This entry was posted in Uncategorized and tagged , , . Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s