TWO CHARGED WITH INSIDER TRADING
Duo face 10 years in jail for committing offence involving 346,500 JLand shares
TWO men were charged at two separate Sessions Courts here yesterday with insider trading involving JLand’s 346,500 shares.
Former company managing director A.F.M. Shafiqul Hafiz, 71, and businessman Datuk Harjit Singh, 60, pleaded not guilty to their respective charges before judges Azman Ahmad and Hasbullah Adam.
Shafiqul was charged with insider trading when he communicated non-public information to Harjit regarding the proposed privatisation of JLand via a voluntary general offer (VGO) at a price of RM1.55 per share.
He allegedly committed the offence between March 22, 2009 and April 6, 2009.
His charge, under Section 188(3)(a) of the Capital Markets and Services Act 2007, carries a jail term of not more than 10 years and a fine of not less than RM1 million upon conviction.
Azman allowed Shafiqul’s RM250,000 bail in two sureties and ordered the accused to surrender his passport to the court until the disposal of the case.
Harjit, who appeared before Hasbullah, faces three charges of acquiring 346,500 JLand shares.
He allegedly committed the offence via HSBC Private Bank (Suisse) SA Singapore’s central depository system account for Star Honour Ltd.
The offence was allegedly committed at Bursa Malaysia Securities Bhd on March 23, 2009.
Harjit was charged under Section 188(2)(a) of the Capital Markets and Services Act 2007, which carries a maximum 10 years’ jail and a fine of not less than RM1 million upon conviction.
Hasbullah allowed Harjit RM180,000 bail in two sureties and ordered the accused to surrender his passport to the court.
Earlier, Securities Commission prosecuting officer K. Mageswary, who prosecuted both accused, proposed a RM300,000 bail for each of the accused.
Tan Sri Dr Muhammad Shafee Abdullah represented Shafiqul, while counsel Mohd Rizal Bahari represented Harjit.