KUALA LUMPUR: GLOVE manufacturing tycoon Datuk Seri Stanley Thai, his wife and his sister-in law were charged with insider trading offences involving APL Industries Bhd (APLI) shares in 2007.
Thai Kim Sim, 54, or better known as Stanley Thai, Datin Seri Tan Bee Geok, 53, and Tan Bee Hong, 54, claimed trial to their charges in two separate Sessions Courts here yesterday.
The charge sheet stated that Thai, who was chief executive officer of Supermax Corporation Bhd, had allegedly communicated insider information to remisier Tiong Kiong Choon on the price or value of APLI shares, which was generally not available in 2007.
His action was expected to have material effect on the price or value of APLI shares. He committed the offence between Oct 26 and Oct 29, 2007. Judge Abdul Rashid Daud granted RM250,000 bail in one surety and ordered Thai to surrender his passport on Feb 3.
In another Sessions Court, Thai’s wife, Bee Geok, was charged with committing a similar offence by communicating insider information to her sister, Bee Hong.
The APLI group executive director was alleged to have committed the offence between Oct 23 and Oct 31, 2007.
In the same court, Bee Hong, who was APLI senior manager, was charged with disposing of 350,000 units of APLI shares held in a Central Depository System (CDS) account.
She allegedly committed the offence at Bursa Malaysia Securities Bhd in Exchange Square, Bukit Kewangan here on Oct 31, 2007.
Judge Mat Ghani Abdullah allowed bail of RM250,000 and RM150,000 to the sisters respectively. Thai and Bee Geok were charged under Section 188(3)(a) of the Capital Markets and Services Act 2007, while Bee Hong was charged under Section (2)(a) of the same act, which carries a maximum jail of 10 years and a fine of not less than RM1 million.
Bee Geok was told to surrender her passport on Feb 4, while Bee Hong surrendered hers yesterday.
Their cases will be up for mention on Jan 15. Securities Commission prosecuting officer T. Chelvakumar prosecuted while Thai and Bee Geok were represented by Datuk K. Kumaraendran and S. Devanandan. Bee Hong was represented by Harvinderjit Singh.
On Dec 9, remisier Tiong had pleaded not guilty at the Sessions Court here to two counts of disposing of 6.2 million units of APLI shares, in a CDS account belonging to two individuals the same year. He was granted RM250,000 bail and his case will be mentioned on the same date.