Court sets aside Stanley Thai's conviction, jail term, fine for insider trading

KUALA LUMPUR: The High Court today set aside the five-year jail term and RM5 million fine imposed on APL Industries Berhad (APLI) chief executive officer Datuk Seri Stanley Thai for insider trading.

Judicial Commissioner Datuk Azhar Abdul Hamid made the decision after allowing an appeal filed by Stanley Thai, whose real name is Thai Kim Sim, 60, against the conviction and jail sentence as well as the fine.

Apart from Thai, the court also set aside the conviction, five-year jail sentence and RM10 million fine on another appellant, remisier Tiong Kiong Choon, 60, after finding their conviction unsafe.

“After listening to the arguments by both parties, I find myself persuaded by accused submissions, the conviction and sentence, therefore are set aside, fine to be refund to both accused,” Azhar said.

Thai was represented by counsel Shamsul Sulaiman while Tiong was represented by counsel Datuk Mohd Yusof Zainal Abiden. Securities Commission deputy public prosecutor Mohd Hafiz Mohd Yusoff appeared for the prosecution.

The two men appealed against the conviction and sentence imposed by the Sessions Court on Nov 24, 2017, after finding them guilty of their respective charges.

Thai was charged with communicating to Tiong a non-public information on the value of APLI's shares on Oct 26 and 29, 2007, while Tiong was charged with disposing of 2,205,500 and 4,003,000 units of the rubber glove manufacturing company shares from the Central Depository System account of two individuals, while in possession of the same non-public information, hence affecting the value of shares.

They were charged under Section 188(3)(a) and 188(2)(a) of the Capital Markets and Services Act 2007, which carries a maximum jail term of 10 years and a fine of not less than RM1 million.

-- BERNAMA