Latex glove manufacturer Supermax Corp Bhd chairperson Rafidah Aziz has expressed the group’s support for managing director Stanley Thai, who was reportedly convicted of insider trading, according to The Edge Financial Daily.
“The board and company stand strongly behind Datuk Seri Stanley Thai in these trying times,” Rafidah is reported as saying.
The former minister also highlighted that Thai’s charge was related only to Supermax subsidiary APL Industries Bhd – a rubber glove maker that was delisted from Bursa Malaysia in February 2009 – and not Supermax.
“Thai’s lawyers have filed an appeal. His lawyers have advised that there are sufficient grounds to appeal on the conviction.
“As to the sentence, his lawyers have also filed an appeal on the grounds that it is manifestly excessive,” Rafidah was reported as saying.
According to reports, the Kuala Lumpur Sessions Court last Friday sentenced Thai (photo) to five years’ jail and a fine of RM5 million for insider trading involving APL Industries shares.
“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 and all stakeholders can be assured of the continued success of the company,” Rafidah added.
Thai was the former CEO of APL Industries was convicted, along with former stockbroking agent Tiong Kiong Choon, who received a five-year jail sentence and an RM10 million fine.
The Star on Friday quoted a Securities Commission statement as stating that Thai was convicted for communicating non-public information between Oct 25, 2007, and Oct 29, 2007, to Tiong.
According to Section 188 of the Capital Markets and Services Act 2007, insider trading offences carry a mandatory punishment of imprisonment not exceeding 10 years, and a fine of not less than RM1 million.