KUALA LUMPUR: A timber company group general manager and another were charged over insider trading of the company's shares linked to its privatisation.
Ang Pok Hong, 51, claimed trial at the Sessions Court today to four counts of acquiring 204,000 shares of TH Group Berhad while knowing of an impending announcement of its privatisation.
Freelancer Wendy Wong Soon Soon, 40, pleaded not guilty before the same court to three counts of abetting Ang buy 154,000 units of said shares.
Wong was accused of allowing Ang to use her Central Depository System to purchase the shares.
Both women were accused of committing the offences between Sept 22 and 25, 2008.
They may be jailed up to ten years and fined at least RM1 million if convicted under the Capital Markets and Services Act 2007.
Judge Mat Ghani Abdullah granted Ang RM300,000 bail with one surety while Wong was allowed RM100,000 bail with one surety.
He fixed March 3 for mention to hear an application - by the accused's counsel Chong Loong Men -- to strike out the charges.
Securities Commission deputy public prosecutor Rosmawar Rozain prosecuted.