INSIDER TRADING CHARGE: He allegedly acquired 625,00 shares in 4 companies
KUALA LUMPUR: A SENIOR corporate lawyer, Datuk Sreesanthan Eliathambhy, claimed trial yesterday to seven counts of insider trading involving shares of Sime Darby Berhad, UEM World Berhad, Maxis Communications Berhad and VADS World Berhad.
He allegedly acquired 625,000 units of shares of the four companies while he was in possession of inside information on the value of the shares.
Sreesanthan, who is also a director at Sime Darby Berhad, allegedly committed the offence at Bursa Malaysia Securities Berhad in Bukit Kewangan here between Nov 14, 2006, and Sept 18, 2008.
Securities Commission deputy public prosecutor Rosmawar Roszain proposed bail to be set at RM1.5 million for all the charges.
"Investigations of this case involved a lot of time and cost. There's a need to secure his attendance," she said.
Counsel M. Puravelan said there was no compelling circumstances to impose a heavy bail amount and he proposed RM150,000 bail.
"He's a family man with a child and a partner at Kadir Andri & Partners," said Puravelan.
Sessions judge Datuk Jagjit Singh allowed bail at RM300,000 in one surety and ordered Sreesanthan to surrender his passport.
He also fixed Sept 20 for case management.