Rafidah resigns as Supermax chairman after Stanley Thai's apology to Najib

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KUALA LUMPUR (April 16): Supermax Corp Bhd’s independent and non-executive chairman Tan Sri Rafidah Aziz has resigned after holding the position for three years since June 2015, after the glove maker's former managing director Datuk Seri Stanley Thai apologised to Prime Minister Datuk Seri Najib Razak for his involvement in the Malaysian politics.

"Pursuant to the 'apology' by Stanley Thai to the (caretaker) Prime Minister for whatever he did during the 13th General Election (GE13), I have resigned from serving as a director of Supermax Corporation and as the chairperson, with effect from April 14," online news portal Malaysiakini quoted Rafidah as saying, as she strongly disagrees with the statement made by Stanley Thai. 

In a statement read at a press conference on Saturday (April 14), Thai said he regretted getting involved in GE13 and believes he had been influenced by the opposition.

"With much regret, I realised that I was being influenced by the propaganda and the opposition during the election time and I truly regretted it and realised it was wrong to get involved in politics as a businessman. Thus, I hereby tender my apology to Prime Minister Najib for what I have done in GE13," Thai said.

The former minister Rafidah currently serves as adjunct professor at the College of Business, University Utara Malaysia and is also chairman of AirAsia X Bhd, Megasteel Corporation and Pinewood Iskandar Malaysia Studio.

It is worth noting that Thai has been fighting an insider trading charge related to Supermax unit APL Industries Bhd (APLI) in the last three years.

Late last year, he was sentenced by the Kuala Lumpur Sessions Court to a five-year jail term and RM5 million fine for the insider trading offences committed when he was CEO of APLI, a company that was delisted from Bursa Malaysia in 2009.

The sentence was the first time a jail term was imposed for insider trading. It is also the harshest sentence passed down thus far by the court for the offence.

It has been reported that Thai would appeal against the sentence.

At 10.40am, Supermax shares rose 13 sen or 5% to RM2.73, giving it a market capitalisation of RM1.71 billion. Over the past 12-months, the counter has gained about 44.02%.