CIMB to take ac­tion against staff guilty of break­ing the law

New Straits Times - - Business - CIMB GROUP HOLD­INGS BHD

KUALA LUMPUR: CIMB Group Hold­ings Bhd says it has zero tol­er­ance for breaches of the law com­mit­ted by its staff and will take ap­pro­pri­ate ac­tion against those who have been found guilty.

CIMB was re­spond­ing af­ter two of its for­mer se­nior man­agers were charged by the Se­cu­ri­ties Com­mis­sion Malaysia (SC) for in­sider trad­ing of­fences.

The SC on Wed­nes­day charged three per­sons for in­sider trad­ing of Paci­fic­Mas Bhd shares.

“CIMB has al­ways co­op­er­ated fully with all our host reg­u­la­tors to en­sure fi­nan­cial sta­bil­ity in the en­vi­ron­ment in which we con­duct our busi­nesses. We will con­tinue to ex­tend our fullest co­op­er­a­tion to reg­u­la­tors on ev­ery­thing that they re­quire from us.

“The CIMB boards and man­age­ment are also con­tin­u­ally re­view­ing, and where nec­es­sary, strength­en­ing CIMB’s in­ter­nal con­trols to en­sure that staff al­ways up­hold the high­est stan­dards of busi­ness con­duct in ad­her­ence to the law,” it said.

Ewe Lay Peng, 45, was charged at the Kuala Lumpur ses­sions court with one count of com­mu­ni­cat­ing non-pub­lic in­for­ma­tion be­tween De­cem­ber 10 2007 and De­cem­ber 31 2007 to Lim Bun Hwa, 41.

Ewe and Lim were both se­nior man­agers in the cor­po­rate fi­nance de­part­ment of CIMB In­vest­ment Bank Bhd.

Five charges were also brought against Lim’s brother, Lim Boon Cheng, 47, for ac­quir­ing 145,000 units of Paci­fic­Mas shares be­tween De­cem­ber 18 2007 and De­cem­ber 31 2007, while in pos­ses­sion of ma­te­rial non­pub­lic in­for­ma­tion.

The SC al­leged that the ma­te­rial non-pub­lic in­for­ma­tion re­ferred to in the charges were re­lated to the pro­posed con­di­tional takeover of­fer by OSPL Hold­ings Sdn Bhd (OHSB) of all vot­ing shares in Paci­fic­Mas not al­ready owned by OHSB. The pro­posed takeover of­fer was an­nounced to Bursa Malaysia on Jan­uary 4 2008.

CIMB has al­ways co­op­er­ated fully with all our host reg­u­la­tors to en­sure fi­nan­cial sta­bil­ity in the en­vi­ron­ment in which we con­duct our busi­nesses.”

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