KUALA LUMPUR (Sept 30): The Securities Commission of Malaysia (SC) has yet to make a decision on whether it would appeal the High Court's decision yesterday that acquit former Supermax Corp Bhd managing director (MD) Datuk Seri Stanley Thai Kim Sim and ex-remisier Tiong Kiong Choon of insider trading.
A decision may be made later this week or early next week, according to a source.
The SC has 14 days from yesterday to appeal the decision made by Judicial Commissioner Datuk Azhar Abdul Hamid, who found the Sessions Court decision to convict the duo to be unsafe.
If a notice of appeal is filed, this would be the final hearing of the appeal as the case originated from the Sessions Court.
Thai and Tiong were found guilty by Sessions judge Zulqarnain Hassan three years ago, and were each sentenced to jail for five years. Thai had another RM5 million fine imposed on him while Tiong was fined RM10 million.
The former Supermax MD was charged with communicating non-public information between Oct 26 and 29, 2007 to Tiong.
Tiong was convicted of two counts of disposing of a total of 6.21 million APL Industries Bhd shares while in possession of the same non-public information via accounts belonging to his mother-in-law and mother.
At the time the offences were committed, Tiong was a licensed intraday trader with a stockbroking company.
Yesterday Thai was represented by lawyer Shamsul Sulaiman while senior counsel Datuk Yusof Zainal Abiden and Datuk Chong Loong Men appeared for Tiong.
Meanwhile, the SC was represented by Deputy Public Prosecutor Mohd Hafiz Mohd Yusoff.