SC charges duo for insider trading involving Johor Land shares in 2009

KUALA LUMPUR (Feb 22): Securities Commission Malaysia (pictured) today charged two individuals at the Kuala Lumpur Sessions Court for insider trading involving the shares of Johor Land Bhd (JLand) in 2009.

A.F.M. Shafiqul Hafiz, as an insider, was charged with communicating to Harjit Singh Gurdev Singh information that was not generally available, that would have a material effect on the price or the value of JLand.

The charge involved Shafiqul communicating information to Harjit over the proposed privatisation of JLand at RM1.55 per share between March 22 and April 6, 2009.

The offence is under section 188(3)(a) of the Capital Markets and Services Act 2007 and punishable under section 188(4) of the same Act.

If found guilty, the accused may be imprisoned for a term not exceeding ten years and fined not less than RM1 million.

Meanwhile, Harjit faced three separate charges of acquiring a total of 346,500 JLand shares while in possession of information that was not generally available.

If found guilty, Harjit also faces a jail term not exceeding ten years and a fine of not less than RM1 million for each charge. — theedgemarkets.com

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