![]() This came after APLI reported a higher loss for the financial year ended June 30, 2007, as compared to the previously reported unaudited results.ĪPLI made announcements to Bursa Malaysia Securities Bhd about the audit adjustments and its classification as a PN17 company on Oct 31, 2007. The prosecution, led by Securities Commission deputy public prosecutor (DPP) Mohd Hafiz Mohd Yusoff, said the conviction was safe as the purported call to Tiong led to the disposal of APLI shares owned by Thai's mother-in-law and mother, where Thai already knew that the company would be classified as Practice Note 17 (PN17). Thai was represented by counsel Shamsul Sulaiman while Tiong was represented by senior counsel Datuk Yusof Zainal Abiden and Datuk Chong Loong Men.Īzhar made the decision after hearing submissions from both sides for four hours where the focus was on the purported 11-minute phone call that Thai made to Tiong on Sept 26, 2007, which was a Friday, and Sept 29, 2007, which was the following Monday. Thai when met after the decision declined to comment on today's decision but said a statement would be issued later. Tiong was convicted of two counts of disposing of a total of 6.21 million APLI shares while in possession of the same non-public information via accounts belonging to his mother-in-law and his mother.Īt the time the offences were committed, Tiong was a licensed intraday trader with a stockbroking company. ![]() Thai was charged with communicating non-public information between Oct 26 to Tiong. Insider trading offences, under Section 188 of the Capital Markets and Services Act 2007, carry a mandatory punishment of imprisonment not exceeding 10 years and a fine of not less than RM1 million. Tiong, who was also sentenced to five years in jail, was fined RM10 million. Thai was sentenced to five years' jail on and fined RM5 million by the Sessions Court after he was found guilty of insider trading. Former remisier Tiong Kiong Choon (left).
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