KINIBIZ Just weeks after resigning, Ch’ng Chong Poh, former chief executive officer of Malaysia Pacific Corporation (MP Corp), is claiming trial to 58 insider trading charges brought against him by the Securities Commission (SC) today.

In a statement, SC said Ch’ng bought the MP Corp shares ahead of the property developer entering a joint venture project with Oriental Pearl City Properties Sdn Bhd to undertake and manage several projects in the Iskandar Development Region, Johor.

The offences allegedly took place between May 14, 2008 and Aug 20, 2008.

Oriental Pearl City Properties is a wholly-owned subsidiary of MP Corp and Amanahraya Development Sdn Bhd, which is in turn a wholly owned subsidiary of Amanah Raya Berhad.

All 58 charges were for offences under Section 188(2) of the Capital Markets and Services Act 2007, which states that “(a)n insider shall not, whether as principal or agent, in respect of any securities to which information in subsection (1) relates–

(a) acquire or dispose of, or enter into an agreement for or with a view to the acquisition or disposal of such securities; or

(b) procure, directly or indirectly, an acquisition or disposal of, or the entering into an agreement for or with a view to the acquisition or disposal of such securities.”

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