This article first appeared in The Edge Financial Daily on May 23, 2017
KUALA LUMPUR: Former managing director (MD) of Maxbiz Corp Bhd Datuk Vincent Leong Jee Wai has been charged in the Kuala Lumpur Sessions Court for insider trading of shares in the company.
If found guilty, he faces up to 10 years in prison and a fine of not less than RM1 million.
In a statement yesterday, the Securities Commission Malaysia (SC) 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 shares in Maxbiz. Vincent, who is now the MD Of Iris Corp Bhd’s education division, was at the material time the MD of Maxbiz.