Supermax chairman Rafidah says company, board ‘strongly behind’ MD

This article first appeared in The Edge Financial Daily, on November 27, 2017.
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KUALA LUMPUR: Supermax Corp Bhd chairman Tan Sri Rafidah Aziz said the group and its board of directors are “strongly behind” their managing director (MD) Datuk Seri Stanley Thai who has been convicted of insider trading.

“The board and company stand strongly behind Datuk Seri Stanley Thai in these trying times,” Rafidah said in a statement on Sunday. At the same time, she also highlighted that Thai’s charge was related only to APL Industries Bhd and not Supermax.

Last Friday, Thai was sentenced to a five-year jail term and fined RM5 million for insider trading involving APL Industries shares. He was convicted along former remisier Tiong Kiong Choon.

Thai was chief executive officer of APL Industries, a rubber glove maker that was delisted from Bursa Malaysia in February 2009.

“Thai’s lawyers have filed an appeal. His lawyers have advised that there are sufficient grounds to appeal on the conviction. As to the sentence, his lawyers have also filed an appeal on the grounds that it is manifestly excessive.

“We have full confidence in the judicial process and we wish to highlight at this juncture that a stay of execution has been granted pending the said appeal. Therefore, it is business as usual and all stakeholders can be assured of the continued success of the company,” Rafidah said.