Supermax shares dip, board throws support behind Thai

PETALING JAYA: Supermax Corp Bhd’s chairman and board of directors have thrown their support behind its CEO Datuk Seri Stanley Thai Kim Sim, who has been convicted of insider trading relating to APL Industries Bhd (APLI).
Supermax’s share price hit a low of RM1.79 before rebounding to close at RM1.98 or 11 sen lower. Some 17.19 million shares were traded.
In a statement issued by the company this morning, chairman Tan Sri Rafidah Aziz said the board and the group stand strongly behind Thai in these trying times and stressed that Thai’s charge is related only to APLI and not Supermax.
“It is important for our shareholders, customers and business affiliates to understand that it is business as usual at Supermax group and that the company’s management and structure is very solid,” she said.
“We are committed to ensure business, production and future plans will be ongoing as a normal process,” she added.
According to Rafidah, Thai’s lawyers have advised that there are sufficient grounds for an appeal of the conviction and sentencing. An appeal on the sentencing has been filed on the grounds that it is manifestly excessive.
“We have full confidence in the judicial process and we wish to highlight at this juncture that a stay of execution has been granted pending the said appeal. Therefore, it is business as usual,” she said.
Thai, a former CEO of APLI, and former remisier Tiong Kiong Choon, were convicted by the Kuala Lumpur Sessions Court of insider trading offences last Friday. Thai was sentenced to a five-year jail term and a RM5 million fine, while Tiong was sentenced to five years’ jail and a RM10 million fine.