Stanley Thai Kim Sin: In November 2017, he was convicted of insider trading and sentenced to 5 years in jail. He appealed.
He has been acquitted.
by TMR / pic by BERNAMA
THE Kuala Lumpur High Court discharged former Supermax Corp Bhd MD Datuk Seri Stanley Thai Kim Sim (picture) for his insider trading offence in relation to APL Industries Bhd’s (APLI) shares trading.
According to news portals, Judicial Commissioner Datuk Azhar Abdul Hamid also reversed the conviction of former remisier Tiong Kiong Choon.
The court overturned the five-year jail and RM5 million sentence Thai was facing.
Thai was previously accused of communicating insider information to remisier Tiong that subsequently had a material effect on the price and value of APLI.
Insider trading offences, under Section 188 of the Capital Markets and Services Act 2007, carry a mandatory punishment of imprisonment not exceeding 10 years and a fine of not less than RM1 million.
Thai — among the top 50 Malaysia’s richest businessmen — was alleged to have committed the offence between Oct 26 and 29, 2007, when he was the CEO and ED of APLI.
The Supermax founder and former MD has come under public scrutiny for his involvement in Malaysian politics.
He subsequently resigned from his position in Supermax in April 2018. This prompted Supermax’s then independent and non-executive chairman Tan Sri Rafidah Aziz’s resignation after holding the position for three years beginning June 2015.
Supermax shares fell 25 sen to close at RM8.49 yesterday on the news.
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.
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.