Shareholder charged with insider trading
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.