Highlights

Van Gogh of Financial

Author: newbie8080   |   Latest post: Wed, 18 Nov 2020, 11:37 PM

 

SUPERMAX: High Court to hear former Supermax MD Stanley Thai's appeal on Sept 29

Author:   |    Publish date:


SUPERMAX: High Court to hear former Supermax MD Stanley Thai's appeal on Sept 29

 

What is your take on the court's decision?

Will the share price be affected by the news in 2 days time?

Should I switch to other glove stocks?

The answer lies whether you are willing to forgo the opportunity to purchase other solid and unblemished founders in glove sector eg: Top Glove, Hartalega, Kossan,etc

 

Introduction:

The High Court here today fixed Sept 29 to hear the appeal of former Supermax Corp Bhd group managing director Datuk Seri Stanley Thai Kim Sim and former remisier Tiong Kiong Choon who had each been sentenced to five years' jail and fined for insider trading in relation to APL Industries Bhd (APLI).

Group managing director Stanley Thai, accused of communicating non-public information about APL Industries Bhd in 2007 when he was chief executive of the firm, has appealed both the decision and sentence, Supermax said.

 

Reference:

Malaysia's Supermax shares slide after founder convicted of insider trading(Monday, 27 Nov 2017 02:26 PM MYT)
Shares in Malaysia's Supermax Corp Bhd, the world's No. 2 maker of rubber gloves, tumbled sharply today after its founder was convicted of insider trading concerning another company he used to head, and sentenced to five years in jail. Shares in Supermax were down 7 per cent in early afternoon trade, giving the rubber glove maker a market value of some US$314 million (RM1.29 billion) as of midday. Earlier they fell as much as 14 per cent.

https://www.malaymail.com/news/money/2017/11/27/malaysias-supermax-shares-slide-after-founder-convicted-of-insider-trading/1519501

 

Background:

On Nov 24, 2017,  the Sessions Court here convicted Thai and Tiong of insider trading offences, according to the SC’s statement then.

 

The SC said Thai was sentenced to a five-year jail term and fined RM5 million, while Tiong was sentenced to five years' jail and fined RM10 million.

 

Insider trading offences, under Section 188 of the Capital Markets and Services Act 2007 (CMSA), carry a mandatory punishment of imprisonment not exceeding 10 years and a fine of not less than RM1 million, the SC said.

 

"Thai was convicted of communicating non-public information between Oct 26 and 29, 2007 to Tiong. Tiong was convicted of two counts of disposing of a total of 6.21 million (6,208,500) APLI shares while in possession of the same non-public information via accounts belonging to his mother-in-law and his mother. At the time of the commission of the offences, Tiong was also a licensed intraday trader with a stockbroking company.

 

"The non-public information communicated from Thai to Tiong related to the audit adjustments proposed by APLI’s auditors resulted in APLI reporting a higher loss for the financial year ended June 30, 2007, as compared to the previously reported unaudited 4Q (fourth-quarter) results for the same financial year, and that APLI would be classified as a PN17 (Practice Note 17) company. APLI made announcements to Bursa Malaysia Securities Bhd about the audit adjustments and its classification as a PN17 company on Oct 31, 2007,” the SC said.

 

The SC said that in passing the sentences, Sessions Court Judge Zulqarnain Hassan ruled that a deterrent sentence was warranted as insider trading offences were deemed more serious than conventional crimes, given the far-reaching effects on investors’ confidence and the public as a whole.

 

Justice Zulqarnain was quoted as saying in the statement: “Insider trading is a modern white-collar economic crime. It is serious and in a category or class of its own.”

 

According to the SC, the convictions came after a full trial where 14 witnesses testified for the prosecution, while four witnesses testified for the defence.

 

 

Share this
Labels: SUPERMX

Related Stocks

Chart Stock Name Last Change Volume 
SUPERMX 8.29 -0.41 (4.71%) 19,653,700 

  Be the first to like this.
 
PZOGRO STANLEY TO JAIL FOR 5 YEARS FOR INSIDER TRADING NEXT WEEK?! NO WORRY SUPER WILL FLY & RESCUE! NO WORRY IB ALL HOLDING KAW KAW SUPERMX FUNDS!! JUST BUY ON DIPS. KEEP & HOLD TO BE SMART INVESTOR!

STANLEY STANDS ON ACQUITTED. SUPERMX TO FLY SKYLIMIT STRAIGHTAWAY TO BREAK PERFECT 10!! BUY ON DIPS!! KEEP & HOLD TO BE SMART INVESTOR!

CAN'T THINK OF OTHER SCENARIOS UNLESS U R KAKI WARRANT THAT SCARE OF IB TO SURPRESS THE PRICING WHOLE NEXT MONTH IN OCTOBER!!

IF YOU CONTRA KAKI, STAY AWAY FOR THIS 2 DAYS! IN SUMS, BUY KEEP & HOLD!
28/09/2020 10:25 AM
Ny036 Tyy group said case postponed . Malaysia style.
28/09/2020 8:58 PM
sensonic biasalah
28/09/2020 11:59 PM
Nujum Pak Belalang https://m.malaysiakini.com/news/544505?fbclid=IwAR29_cI4q5feaQU2ok_IpWgSdMua0xjoZPeuZHEwfXveMBHNwRe9kurMUnk
29/09/2020 3:22 PM
GiantPanda Hafiz Yatim/theedgemarkets.com

September 29, 2020 15:09 pm +08

High Court overturns guilty verdict in Stanley Thai's insider trading case

https://www.theedgemarkets.com/article/high-court-overturns-guilty-verdict-stanley-thais-insider-trading-case
29/09/2020 6:29 PM
GiantPanda OTHERS STATEMENT BY SUPERMAX CORPORATION BERHAD ("SUPERMAX" OR "THE COMPANY")
SUPERMAX CORPORATION BERHAD

https://www.bursamalaysia.com/market_information/announcements/company...

Type Announcement
Subject OTHERS
Description
STATEMENT BY SUPERMAX CORPORATION BERHAD ("SUPERMAX" OR "THE COMPANY")
This statement is issued in relation to Dato’ Seri Stanley Thai, the Founder and former Group Managing Director of Supermax Corporation Berhad (“Supermax or the Company”) and Datin Seri Cheryl Tan, co-Founder and former Group Executive Director of Supermax.



On 24 September 2020, Datin Seri Cheryl Tan was acquitted and discharged by the Kuala Lumpur High Court which had allowed her appeal in respect of her conviction and sentence of a single count of an insider trading offence involving APL Industries Bhd shares under Section 188 of the Capital Market and Services Act 2007 previously given by the Kuala Lumpur Sessions Court on 09 August 2018.



On 29 September 2020, Dato’ Seri Stanley Thai was acquitted and discharged by the Kuala Lumpur High Court which had allowed his appeal in respect of his conviction and sentence of a single count of an insider trading offence involving APL Industries Bhd shares under Section 188 of the Capital Market and Services Act 2007 previously given by the Kuala Lumpur Sessions Court on 24 November 2017.



The Company would like to take this opportunity to inform members of the public that it is business as usual in Supermax with its management team continuously committed to consistently delivering good business performance and profitability in the interests of the Company and its shareholders.



Supermax has been delivering consistent profits and dividends to shareholders since its listing on Bursa Malaysia in 2001. The Management remains committed and confident in not only maintaining but also improving its performance in the future ahead.



The business position of the Company remains intact and the Management stands strong in growing the business moving forward.



This statement is dated 29 September 2020.
29/09/2020 6:30 PM
GiantPanda Nanyang Tue, Sep 29, 2020 04:25pm - 2 hours ago

高庭推翻判决 郑金昇沒事了

https://www.klsescreener.com/v2/news/view/733723/%E9%AB%98%E5%BA%AD%E6%8E%A8%E7%BF%BB%E5%88%A4%E5%86%B3-%E9%83%91%E9%87%91%E6%98%87%E6%B2%92%E4%BA%8B%E4%BA%86

(吉隆坡29 日讯)高庭今日推翻地庭三年前判速柏玛(SUPERMX,7106,主板保健股)前董事经理拿督斯里郑金昇及一名前股票经纪,被控涉及亚太工业(APL Industries)股票交易相关的内线交易罪成的判决。

地庭于2017年判郑金昇和和一名前股票经纪张强春(译音)内线交易罪成,两人同样被判坐牢5年,不过罚金各为500万令吉和1000万令吉。

速柏玛为手套生产商,郑金昇也是亚太工业(APL Industries)前董事经理。

高庭司法专员拿督阿查哈阿都哈密在宣判时说,他听取上诉人的陈情后,发现地庭的上述判决“不安全”。

“有鉴于此,有关裁决及判罚被搁置。”

郑金昇被控在2007年10月26日及29日,将速柏玛子公司亚太工业贸易公司内幕消息告诉张强春,让后者协助顾客脱售股票,抵触2007年资金市场服务法令第188(3)(a)条文。一旦罪成,可被判处监禁不超过10年及罚款不少过100万令吉。
29/09/2020 6:32 PM


APPS
I3 Messenger
Individual or Group chat with anyone on I3investor
MQ Trader
View Trading Signals and run Live Backtest
MQ Affiliate
Earn rewards with MQ Affiliate Program
 
 

546  656  538  392 

ActiveGainersLosers
Top 10 Active Counters
 NameLastChange 
 YONGTAI 0.365+0.07 
 MTRONIC 0.135+0.015 
 HWGB 0.88+0.035 
 SAPNRG 0.125+0.005 
 AT 0.195+0.01 
 MTRONIC-WA 0.09+0.015 
 KNM 0.23+0.02 
 PHB 0.030.00 
 INIX 0.33+0.065 
 EAH 0.03-0.005 

FEATURED POSTS

1. The Equity Market Index Benchmark in Malaysia CMS
2. Trading Scenarios of Derivatives Bursa Derivatives Education Series
3. Derivatives 101 Bursa Derivatives Education Series
4. Why Trade FKLI? Bursa Derivatives Education Series
5. MQ Trader - Introduction to MQ Trader Affiliate Program MQ Trader Announcement!
PARTNERS & BROKERS