Datuk charged for obtaining shares through insider information

KUALA LUMPUR: A Datuk who is a businessman was charged in the sessions court here today on three charges of obtaining 346,500 share units of Johor Land Berhad (JLand Berhad) through insider information nine years ago.
The accused Datuk G. Harjit Singh claimed trial after the charges were read out in front of Judge Hasbullah Adam.
Harjit was accused of obtaining the shares through private messages on the privatisation of JLand via a Voluntary General Offer (VGO) at the price of RM1.55 per unit.
This information is not publicly available.
He was accused of committing the offence at Bursa Malaysia Securities Berhad, Exchange Square, Bukit Kewangan on 23 and 25 Mac as well as 6 April 2009.
He will be charged under Section 188(2)(a) of the Capital Markets and Services Act 2007 (Act 671) and punishable under Section 188(4) of the same Act.
Harjit was represented by lawyer Mohd Rizal Baharu.
If convicted he will face imprisonment for a term not exceeding 10 years and a fine not less than RM1 million.
Security Commissions Malaysia prosecuting officer K. Mageswary asked for bail at RM300,000 for all charges.
However, Mohd Rizal asked the court for a lower bail amount as the accused had cooperated well throughout the investigation.
Court set bail at RM180,000 in two sureties for all charges and set April 3 for mention.
Meanwhile, A. F. M Shafizul Hafiz, 71, was charged with being the insider who communicated information that is not generally available to Harjit on the stock value of JLand.
Shafiqul who was the former managing director of JLand was accused committing the offence between March 22 and April 6, 2009.
He was represented by lawyer Tan Sri Dr. Muhammad Shafee Abdullah and was charged under Section 188(3)(a) of the Capital Markets and Services Act 2007 (Act 671) and punishable under Section 188(4) of the same Act.
Mageswary asked for bail of RM300,000 to be set for the accused.
Court set bail at RM250,00 in two sureties for all charges and asked for his passport to be surrendered to court.
The case mention will be on April 3.