Friday 29 Mar 2024
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KUALA LUMPUR (May 22): Former managing director of Maxbiz Corp Bhd Datuk Vincent Leong Jee Wai was charged in the Kuala Lumpur Sessions Court this morning with insider trading of the company's shares.

If found guilty, he faces up to 10 years in prison and a fine of not less than RM1 million.

In a statement today, the Securities Commission Malaysia said Vincent, 58, was charged with two counts of communicating material non-public information between November 2010 and January 2011 to Leong Wye Keong when he should have known that Wye Keong would tend to dispose of Maxbiz shares. Vincent was at the material time the managing director of Maxbiz.

"The material non-public information for the first charge relates to the decrease in Maxbiz's shareholders' equity, which was close to Maxbiz being classified as financially distressed.

"The second charge concerns the classification of Maxbiz as a Practice Note 17 (PN17) company," it added.

Vincent claimed trial to both charges. The KL Sessions Court Judge Azian Othman fixed bail at RM250,000 with one surety. Vincent was also ordered to surrender his passport to the court.

 

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