Tan resigns as Transocean executive director

PETALING JAYA: Transocean Holdings Bhd executive director Tan Swee Hock has voluntary resigned from his post effective yesterday after being charged by the Securities Commission Malaysia (SC) for insider trading.
In a stock exchange filing yesterday, the integrated freight, forwarding, and customs clearance company said highlighted to shareholders that Tan was charged at the Kuala Lumpur Session Court on Tuesday for insider trading offence.
The company said Tan, 62, is claiming trial to the said charge.
The SC filed charges against Tan and two other individuals, for insider trading committed six years ago. The three individuals pleaded not guilty.
Tan faces 28 charges of abetment in acquiring 632,700 units of Transocean shares through Central Depository System accounts belonging to Yap Lee Lee, 45, and Chan Sze Yeng, 42.
At that time, Tan allegedly was in possession of non-public information which had a material effect on the price or value of the shares.
If convicted, Tan faces a maximum prison sentence of 10 years and a fine of not less than RM1 million.