KUALA LUMPUR (July 31): The Securities Commission Malaysia (SC) has charged two individuals today with insider trading in relation to Ranhill Power Bhd’s shares and one of them is former director of Ranhill Bhd and Ranhill Power, Amran Awaluddin.

Ranhill Power has since been delisted on Dec 6, 2007.

In a statement today, SC said the offences were iterated under section 89E(2)(a) of the Securities Industry Act 1983, and occurred between July 27, 2007 and Sept 11 that same year.

Amran, 46, was charged at the Kuala Lumpur Sessions Court for allegedly acquiring 309,100 units of Ranhill Power shares in that period whilst in possession of material non-public information.

The SC alleged that the material non-public information referred to was related to the proposed privatisation and de-listing of Ranhill Power, which was announced on Sept 11, 2007.

Amran, who faces a total of seven charges, is accused to have acquired the said shares through the account of one Nooralina Mohd Shah.

Nooralina, 40, on the other hand, faced seven charges for allegedly abetting Amran in committing the offences.

“Amran and Nooralina claimed trial to the charges preferred. Sessions Court Judge Mat Ghani Abdullah set bail at RM150,000 each for both Amran and Nooralina with one surety,” the statement read.