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Supermax co-founders acquitted of insider trading

29 Sep 2020 / 22:01 H.

PETALING JAYA: Supermax Corp Bhd said its founder and former group managing director Datuk Seri Stanley Thai along with its co-founder and former group executive director Datin Seri Cheryl Tan have successfully appealed against their insider trading conviction.

According to the group’s Bursa announcement on Sept 24 Tan was acquitted and discharged by the Kuala Lumpur High Court which had allowed her appeal in respect to her conviction and sentence of a single count of an insider trading offence involving APL Industries Bhd shares, under Section 188 of the Capital Market and Services Act 2007 that was handed by the Kuala Lumpur Sessions Court on Aug 9, 2018.

Meanwhile, on Sept 29, Thai was also acquitted and discharged by the Kuala Lumpur High Court for the same insider trading offense that was handed to him by the Kuala Lumpur Sessions Court on Nov 24, 2017.

With that Supermax reiterated that it is business as usual and its management is committed to consistently delivering good business performance and profitability in the interests of the company and its shareholders.

It highlighted that its business position remains intact and the management stands strong in growing the business moving forward.

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