Former Axis director fined for insider trading
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.