Jan 29 hearing of former director charged with unlawful acquisition of shares

The Sessions Court here fixed nine days from Jan 25 next year to hear the case on the alleged acquisition of Kencana Petroleum Berhad shares through insider trading by the company's former executive director and two others.

Judge Zulqarnain Hassan set the date when the case, involving Yeow Kheng Chew, 64, a former business partner of Tun Dr Mahathir Mohamad's son, Datuk Mokhzani, came up for mention today.

The other two accused are Paulene Chee Yuet Fang and a remisier, Tan Yee Chee, 46.

The court also set Oct 14 to mention the case.

The prosecution was conducted by deputy public prosecutor Roz Mawar Rozain, from the Securities Commission, while lawyers Datuk Tan Hock Chuan, Datuk V. Sithambaram and Guok Ngek Sons represented Yeow, Chee and Tan, respectively.

Last July 29, Yeow pleaded not guilty to a charge of acquiring 1,159,000 share units in Kencana Petroleum Berhad based on confidential information about a business merger between Kencana Petroleum Berhad Group and SapuraCrest Petroleum Berhad Group.

He was alleged to have committed the offence through Chee'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, provides for a maximum 10 years imprisonment and a fine of not more than RM1 million, on conviction.

Chee and Tan had pleaded not guilty to a charge of abetting Yeow in committing the offence 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.