CIMB to take action against staff guilty of breaking the law
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.”