Share­holder charged with in­sider trad­ing

New Straits Times - - News -

KUALA LUMPUR: A for­mer share­holder of the de-listed Maxbiz Cor­po­ra­tion Bhd (Maxbiz) yes­ter­day claimed trial at the Ses­sions Court to four charges of in­sider trad­ing in­volv­ing some 10.2 mil­lion units of Maxbiz.

Datuk Leong Wye Keong, 62, was al­leged to have dis­posed of 8.1 mil­lion units of shares be­long­ing to him and 2.1 mil­lion units of shares be­long­ing to Leong Khai Shaun, 33, at Bursa Malaysia Se­cu­ri­ties Bhd, Ex­change Square, Bukit Ke­wan­gan near here, be­tween Dec 30, 2010 and Jan 18, 2011.

Leong was also charged with dis­pos­ing of the se­cu­ri­ties held in his and Khai Shaun’s Cen­tral De­pos­i­tory Sys­tem ac­counts while in pos­ses­sion of in­for­ma­tion that was not gen­er­ally avail­able, which on be­com­ing gen­er­ally avail­able, a rea­son­able per­son would ex­pect it to have a ma­te­rial ef­fect on the price or value of the se­cu­ri­ties.

Deputy pub­lic pros­e­cu­tor Aimi Khal­i­dah Mohd Puzi from the Se­cu­ri­ties Com­mis­sion sought RM300,000 bail with one surety and have the ac­cused sur­ren­der his pass­port.

Coun­sel Tan Sri Muham­mad Shafee Ab­dul­lah told the court he had no prob­lems with the RM300,000 bail amount re­quested by the pros­e­cu­tion but he ob­jected to Leong sur­ren­der­ing his pass­port to the court.

“My client trav­els ev­ery week, ev­ery other day on busi­ness.

“He has to travel to Sabah and Sarawak for busi­ness deals and the MyKad is not suf­fi­cient for these busi­ness trips there.

“The court can im­pose an ad­di­tional RM100,000 bail, mak­ing the to­tal bail amount RM400,000.

“My client is not a flight risk and his chances of ab­scond­ing are zero be­cause his wife and chil­dren, as well as his prop­erty, are all here.”

Judge Zulqar­nain Has­san set bail at RM600,000 with two sureties and fixed June 9 for case man­age­ment.

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