Datuk charged with securing shares via insider trading

KUALA LUMPUR: A “datuk” who is a businessman was charged in the sessions court yesterday with three charges of obtaining 346,500 share units of Johor Land Berhad (JLand Berhad) through insider information nine years ago.

Datuk G. Harjit Singh claimed trial after the charges were read out before judge Hasbullah Adam.

Harjit was accused of obtaining the shares through private messages on the privatisation of JLand via a Voluntary General Offer (VGO) at the price of RM1.55 per unit.

This information was not publicly available. He was accused of committing the offence at Bursa Malaysia Securities Berhad, Exchange Square, Bukit Kewangan on March 23 and 25 as well as April 6, 2009.

He was charged under Section 188(2)(a) of the Capital Markets and Services Act 2007 (Act 671) and punishable under Section 188(4).

Harjit was represented by lawyer Mohd Rizal Baharu.

He faces imprisonment for a term not exceeding 10 years and a fine not less than RM1 million.

Security Commissions Malaysia prosecuting officer K. Mageswary asked for a bail of RM300,000 for all charges.

However, Mohd Rizal asked the court for a lower bail amount as the accused had cooperated fully throughout the investigation.

Court set bail at RM180,000 in two sureties for all charges and fixed April 3 for mention.

A. F. M Shafizul Hafiz, 71, was charged with being the insider who communicated the information.