For­mer Axis di­rec­tor fined for in­sider trad­ing

The Star Malaysia - StarBiz - - News -

PETALING JAYA: The High Court has found in favour of the Se­cu­ri­ties Com­mis­sion a suit against a for­mer di­rec­tor of Axis In­cor­po­ra­tion Bhd and two oth­ers for in­sider trad­ing in­volv­ing the shares of the com­pany.

The SC said that for­mer Axis di­rec­tor Koh Tee Jin was found in breach of the Cap­i­tal Mar­kets and Ser­vices Act 2007 when he com­mu­ni­cated in­side in­for­ma­tion to two fam­ily mem­bers, who in turn dis­posed of a to­tal of nearly one mil­lion Axis shares based on the ma­te­rial non-pub­lic in­for­ma­tion.

In its suit, the SC claimed that the ma­te­rial in­for­ma­tion was re­lated to un­re­solved is­sues in re­la­tion to Axis’ fi­nan­cial state­ment for the fi­nan­cial year ended Mar 31, 2008.

“This re­sulted in Axis not be­ing able to sub­mit its au­dited fi­nan­cial state­ment for the fi­nan­cial year ended 31 March 2008. The an­nounce­ment re­lat­ing to the ma­te­rial in­for­ma­tion was made on July 30 2008,” said the SC in a state­ment yes­ter­day.

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