Ex-Kencana Petroleum Berhad executive director charged with insider trading
Bernama
July 29, 2016 14:34 MYT
July 29, 2016 14:34 MYT
The three accused were not ordered to surrender their passports to the court.
A former Kencana Petroleum Berhad executive director was charged in the Sessions Court here today with acquiring 1,159,000 of the company's share units through insider trading, five years ago.
Yeow Kheng Chew, 64, a former business partner of Tun Dr Mahathir Mohamad's son Datuk Mokhzani, claimed trial to the charge.
Two others, Paulene Chee Yuet Fang and remisier Tan Yee Chee also separately claimed trial to abetting Yeow.
Yeow represented by counsel Sunder Thulasi allegedly obtained 1.1 million units of Kencana Petroleum Berhad based on confidential information about a business merger between Kencana Petroleum Berhad Group and SapuraCrest Petroleum Berhad Group.
He is accused of committing the offence through Pauline's Central Depository System account at Bursa Malaysia Securities Berhad, Exchange Square, Bukit Kewangan here, on July 8, 2011.
The charge under Section 188(2) of the Capital Markets and Services Act 2007 (Act 671), provides for a maximum 10 years imprisonment and a fine of not more than RM1 million, on conviction.
Meanwhile, Chee, 56, who was represented by counsel Lim Kon Keen and Tan, 46, by counsel Chong Loong Men are accused of abetting Yeow to secure 1.1 million share units of Kencana Petroleum Berhad at the same place and date.
The charge under Section 370(1)(c) of the Capital Markets and Services Act 2007 read with Section 188(2)(a) of the same Act, carries a jail term of not more than 10 years and a fine of not less than RM1 million, on conviction.
Judge Zulqarnain Hassan set RM1 million as bail with two sureties for Yeow, and RM800,000 with two sureties each for Chee and Tan.
The three accused were not ordered to surrender their passports to the court as Yeow needed the document to travel overseas on business.
The court ordered all three cases to be consolidated as they involved the same issue and same transaction amount, and set fixed Aug 11 for mention.
Deputy public prosecutor Roz Mawar Rozain represented the Securities Commission Malaysia.