Supermax CEO charged with insider trading
Hafiz YatimPublished: Dec 15, 2014 3:14 AM | Updated: Dec 15, 2014 8:01 AM
Supermax Corporation Bhd chief executive officer Stanley Thai, who openly declared his support for Pakatan Rakyat last year, has claimed trial in a Kuala Lumpur sessions court, where he was today charged with one count of insider trading.
Thai , 54, was accompanied by officers from the Securities Commission as he was led to the Kuala Lumpur Court Complex at 9am. Also charged are his wife and sister-in-law, who are both executive directors of Supermax.
Supermax Corporation Bhd chief executive officer Stanley Thai, who openly declared his support for Pakatan Rakyat last year, has claimed trial in a Kuala Lumpur sessions court, where he was today charged with one count of insider trading.
Thai, 54, was accompanied by officers from the Securities Commission as he was led to the Kuala Lumpur Court Complex at 9am. Also charged are his wife and sister-in-law, who are both executive directors of Supermax.
Thai (right), who is also Pakatan Rakyat-linked Institut Rakyat advisory panel member, is being charged under the Capital Markets and Services Act 2007 with insider trading that was supposed to have taken place in 2007.
He is charged with having communicated to a remisier, Tiong Kiong Choon, information that was not generally available to a reasonable person that would affect the shares of Supermax subsidiary company, APL Industries Bhd.
The information are:
Securities Commission prosecuting officer T Chelvakumar applied for bail to be set at RM500,000, with two sureties, and for Thai to surrender his passport.
However, his lawyers K Kumaraendran and A Devanandan, told the court that there was no chance their client would skip bail as Thai had stakes, properties and children in Malaysia.
“Thai initially was scheduled to have gone overseas for a company board meeting on Dec 13, and he had bought the ticket in September. However, on Friday the Securities Commission called him up and said he was to be charged. He cancelled his trip to be here today.
“Furthermore, my client will have meetings with his overseas subsidiary companies, which he owns 100 percent, in the United States, Australia, United Kingdom, Germany and Canada in the coming weeks to help close financial accounts and his passport is needed. Hence, we apply the passport be handed over later,” Kumaraendran said.
Selayang MP William Leong, is also a co-counsel for Thai.
Sessions judge Abdul Rashid Daud fixed bail at RM250,000 with one surety, and ordered that Thai surrenders his passport in February, after he returns from an overseas trip.
Wife and sister-in-law also charged
Meanwhile, concurrently at another sessions court this morning, Thai's wife and sister-in-law were also charged under the Capital Markets and Services Act 2007.
Thai's wife Tan Bee Geok, 53, is charged with communicating with her sister, Tan Bee Hong, similar information related to APL Industries between Oct 23, to Oct 31, 2007.
Bee Hong, 54, is charged with disposing 350,000 units of APL Industries held in her CDS account at Bursa Malaysia, Bukit Kewangan, on Oct 31, 2007, following similar information that she had received.
Bee Geok is an executive director of Supermax,, which is the nation's third largest glove maker, and a director in APL, while Bee Hong is a senior manager in Supermax.
Chelvakumar applied to sessions judge Mat Ghani Abdullah for bail at RM500,000 each and that the two surrender their passports.
However, Kumaraendran and Harvinder Singh made similar submissions to reduce bail.
Mat Ghani agreed to set bail at RM150,000 for Bee Hong and RM250,000 for Bee Geok and fixed a joint trial for both cases on April 15, 16, 17.
The sessions judge also fixed Jan 15 for case management on the application by Kumaraendran and Harvinder to have this case as well to be heard by sessions judge Abdul Rashid.
Bloomberg interview
Thai, who is also Supermax executive chairperson, had in an interview with business and financial market news group Bloomberg last year openly declared his support for Pakatan “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.
Thai also claimed in the interview that Chinese Malaysians had been “brainwashed (to support BN) from Day 1”.
In February 2013, Thai and several other business and academic personalities joined Institut Rakyat.
Thai, 54, was accompanied by officers from the Securities Commission as he was led to the Kuala Lumpur Court Complex at 9am. Also charged are his wife and sister-in-law, who are both executive directors of Supermax.
Thai (right), who is also Pakatan Rakyat-linked Institut Rakyat advisory panel member, is being charged under the Capital Markets and Services Act 2007 with insider trading that was supposed to have taken place in 2007.He is charged with having communicated to a remisier, Tiong Kiong Choon, information that was not generally available to a reasonable person that would affect the shares of Supermax subsidiary company, APL Industries Bhd.
The information are:
- Audit adjustment proposed by APL Industries auditor, which would result in APL Industries reporting a higher loss for the financial year ending June 30, 2007, compared with the previously unaudited fourth quarter results for the same financial year; and
- That APL Industries would be classified as an affected issuer, pursuant to the listing requirement of Bursa Malaysia.
Securities Commission prosecuting officer T Chelvakumar applied for bail to be set at RM500,000, with two sureties, and for Thai to surrender his passport.
However, his lawyers K Kumaraendran and A Devanandan, told the court that there was no chance their client would skip bail as Thai had stakes, properties and children in Malaysia.
“Thai initially was scheduled to have gone overseas for a company board meeting on Dec 13, and he had bought the ticket in September. However, on Friday the Securities Commission called him up and said he was to be charged. He cancelled his trip to be here today.
“Furthermore, my client will have meetings with his overseas subsidiary companies, which he owns 100 percent, in the United States, Australia, United Kingdom, Germany and Canada in the coming weeks to help close financial accounts and his passport is needed. Hence, we apply the passport be handed over later,” Kumaraendran said.Selayang MP William Leong, is also a co-counsel for Thai.
Sessions judge Abdul Rashid Daud fixed bail at RM250,000 with one surety, and ordered that Thai surrenders his passport in February, after he returns from an overseas trip.
Wife and sister-in-law also charged
Meanwhile, concurrently at another sessions court this morning, Thai's wife and sister-in-law were also charged under the Capital Markets and Services Act 2007.
Thai's wife Tan Bee Geok, 53, is charged with communicating with her sister, Tan Bee Hong, similar information related to APL Industries between Oct 23, to Oct 31, 2007.
Bee Hong, 54, is charged with disposing 350,000 units of APL Industries held in her CDS account at Bursa Malaysia, Bukit Kewangan, on Oct 31, 2007, following similar information that she had received.
Bee Geok is an executive director of Supermax,, which is the nation's third largest glove maker, and a director in APL, while Bee Hong is a senior manager in Supermax.
Chelvakumar applied to sessions judge Mat Ghani Abdullah for bail at RM500,000 each and that the two surrender their passports.
However, Kumaraendran and Harvinder Singh made similar submissions to reduce bail.
Mat Ghani agreed to set bail at RM150,000 for Bee Hong and RM250,000 for Bee Geok and fixed a joint trial for both cases on April 15, 16, 17.
The sessions judge also fixed Jan 15 for case management on the application by Kumaraendran and Harvinder to have this case as well to be heard by sessions judge Abdul Rashid.
Bloomberg interview
Thai, who is also Supermax executive chairperson, had in an interview with business and financial market news group Bloomberg last year openly declared his support for Pakatan “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.
Thai also claimed in the interview that Chinese Malaysians had been “brainwashed (to support BN) from Day 1”.
In February 2013, Thai and several other business and academic personalities joined Institut Rakyat.
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