KUALA LUMPUR: A former managing director of a company and another person were charged at two separate Sessions Courts today with insider trading and acquiring 346,500 units of shares while in possession of non-public information.
A.F.M Shafiqul Hafiz, 71, and businessman Datuk Harjit Singh, 60, however pleaded not guilty to the charges.
Before judge Azman Ahmad, Shafiqul was charged as an insider who had communicated non-public information to Harjit regarding the proposed privatisation if JLand via a Voluntary General Offer (VGO) at a price of RM1.55 per share.
He allegedly committed the offence between March 22, 2009 and April 6, 2009.
His charge, under Section 188(3)(a) of the Capital Markets and Services Act 2007, carries an imprisonment for a term of not exceeding 10 years and a fine of not less than RM1 million, if convicted.
Azman allowed Shafiqul RM250,000 bail with two sureties and for the accused to surrender his passport to the court until the disposal of the case.
Meanwhile, before judge Hasbullah Adam, Harjit was slapped with three counts of acquiring 346,500 units of JLand through HSBC Private Bank (Suisse) SA Singapore's Central Depository System account maintained at Maybank Investment Bank Bhd for Star Honour Limited, while in possession of non-public information on the proposed privatisation of JLand via VGO at a price of RM1.55 per share.
He was alleged to have committed the offences at Bursa Malaysia Securities BHD on March 23, 2009.
His charge, under Section 188(2)(a) of the Capital Markets and Services Act 2007, also carries an imprisonment for a term of not exceeding 10 years and a fine of not less than RM1 million, if convicted.
Hasbullah allowed Harjit RM180,000 bail with two sureties and for the accused to surrender his passport to the court until the disposal of the case.
Earlier, Securities Commission prosecuting officer K. Mageswary had proposed a RM300,000 bail be imposed to both of the accused.
Senior lawyer Tan Sri Dr Muhammad Shafee Abdullah represented Shafiqul while counsel Mohd Rizal Bahari represented Harjit.