KUALA LUMPUR (Oct 1): The Securities Commission of Malaysia (SC) will proceed to appeal the High Court's decision to acquit former Supermax Corp Bhd managing director (MD) Datuk Seri Stanley Thai Kim Sim (pictured) and ex-remisier Tiong Kiong Choon of insider trading.

This was conveyed by an SC spokesperson today, in response to a query from The Edge. 

The SC has 12 days left to appeal the decision made by Judicial Commissioner Datuk Azhar Abdul Hamid, who found the Sessions Court's decision to convict the duo to be unsafe after hearing the submissions.

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 Oct 29, 2007 to Tiong.

Tiong was convicted of two counts of selling 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.