Thai seeks court’s leave to remain as Supermax director

PETALING JAYA: Datuk Seri Stanley Thai Kim Sim, who vacated office as Supermax Corp Bhd’s executive director effective Nov 24, 2017 after being convicted of insider trading offences, has authorised lawyers to make an application to the court for leave to act as a director or be reappointed as a director.

The application will be made under Section 198(4) of the Companies Act 2016 and Section 318(1) of the Capital Markets and Services Act 2007. According to Section 198(4) of the Companies Act 2016, a person who has been disqualified may be reappointed or hold office as a director with the leave of the court.

Section 318(1) of the Capital Markets and Services Act 2007 states that a person who intends to apply for leave of the court to be a director or promoter of a listed corporation shall give to the Securities Commission not less than 10 days’ notice of his intention to apply.

Thai has been convicted by the Securities Commission for insider trading offences under Section 188 of the Capital Markets and Services Act 2007. The court has granted a stay of execution and an appeal has been filed against the conviction and sentence.

Supermax yesterday also announced that Thai’s daughter Cecile Jaclyn Thai and nephew Tan Chee Keong have been appointed as executive directors effective Jan 2, 2018. Supermax reiterated that the position of the business remains intact and the management and board of directors stand firm in growing the business.

Shares closed up 1.10% yesterday at RM1.84 with 589,100 shares traded.