STANLEY Thai has vacated his position as group managing director of Supermax Corporation after he was convicted and sentenced to five years in jail for insider trading by the Securities Commission.
Supermax said in a Bursa filing that Stanley’s leave of absence was effective November 24 but did not specify the duration of his leave, Nikkei Asian Review reported.
This was done in pursuant to Rule 15.05(3)(d) of the Main Market Listing Requirements of Bursa Malaysia Securities, which deals with vacation of office or removal of directors in the event of a conviction in a court of law.
Supermax, however, assured that the company is still functioning as normal and the management and board is firm in growing the business.
The company also earlier announced the appointment of Tan Chee Keong and Cecile Jaclyn Thai as executive directors effective January 2018.
Cecile Jaclyn, 29, is Stanley’s daughter and also the chief executive of Aveo Vision, a division of Supermax Healthcare Inc.
Tan is a nephew of Stanley’s and is the executive vice-president of Supermax Healthcare Inc.
Just prior to the 13th general election in 2013, Stanley told Bloomberg in an interview that he was joining the thousands of Chinese Malaysians in abandoning BN.
He said he did not want Chines youths to suffer as the older generations did.
MEANWHILE, Free Malaysia Today reported on Nov 28, 2017:
Businessman Stanley Thai to appeal insider trading conviction
Supermax Corp Bhd group managing director Stanley Thai’s lawyers have filed a notice of appeal against his conviction and sentence over insider trading.
Last Friday, the prominent businessman was sentenced to a five-year jail term and fined RM5 million for insider trading involving APL Industries Bhd shares by the Sessions Court, theedgemarkets.com reported.
Thai, the former managing director of APL Industries, a rubber glove maker that was delisted from Bursa Malaysia in February 2009, was found guilty along with former remisier Tiong Kiong Choon.
The court has granted a stay of execution pending appeal.
Theedgemarkets.com quoted them as saying: “Although there were 50 million APLI (APL Industries Bhd) shares of which 45 million were held by Supermax and five million by Thai in his personal capacity, he has never traded nor did he share in any profits as part of any quid pro quo at any time.”
Supermax chairman Rafidah Aziz said in a statement that the group and its board of directors “stand strongly behind” Thai and that business at the company was “as usual”.
Rafidah noted, according to the report, that Thai’s charge was related only to APL Industries and not Supermax.
Supermax shares closed 5.3% or 11 sen lower at RM1.98 yesterday, with 17.2 million shares traded, giving it a market value of RM1.3 billion, theedgemarkets.com reported.
– https://www.themalaysianinsight.com / FMT