By Khairul Khalid
The Securities Commission Malaysia (SC) has charged a director of Transocean Holdings Bhd (THB) and two other individuals with insider trading, an offence that is punishable with an imprisonment term not exceeding 10 years and a fine of not less than RM1 million.
“Tan Swee Hock, 62, was charged at the Kuala Lumpur Sessions Court for acquiring 632,700 units of THB shares between Aug 20, 2009 and Nov 6, 2009 while in possession of material non-public information,” an SC statement said.
The SC alleged that the material non-public information referred to in the charges relates to the proposed takeover offer by Kumpulan Kenderaan Malaysia Bhd of THB shares. The takeover offer was announced to Bursa Malaysia on Nov 6, 2009.
Tan, who faces a total of 28 charges, is said to have acquired the THB shares through accounts belonging to two individuals, Chan Sze Yeng and Yap Lee Lee.
Chan and another individual Cheng Seng Chow were both charged for abetting Tan in the commission of the offences under section 370(c) of the Capital Markets and Services Act 2007.
The charges against Tan, Chan and Cheng were read out before Sessions Court Judge Abdul Rashid Daud. Tan, Chan and Cheng were each granted bail of RM200,000 with one surety. They were also ordered to surrender their passports. All claimed trial to the respective charges preferred against them.
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