KUALA LUMPUR (Dec 9): Transocean Holdings Bhd (THB) said its executive director Tan Swee Hock has voluntary resigned from his post, after the Securities Commission Malaysia filed insider trading charges against him yesterday.
 
Tan is claiming trial to the said charge. 

 

Tan, a chartered certified accountant, has vast experience, especially in the manufacturing and public transportation industry, was appointed as director of the company on April 29, 2008, according to the company's annual report 2014.

 

In a filing with Bursa Malaysia today, the integrated freight, forwarding, and customs clearance company said Tan was charged at the Kuala Lumpur Session Court yesterday (Dec 8) for insider trading offence. 

 

The company said Tan is claiming trial to the said charge.

 

The Securities Commission Malaysia (SC) yesterday charged Tan and two other individuals with insider trading at the Kuala Lumpur Sessions Court.

 

According to SC, Tan was charged for acquiring 632,700 units of THB shares between Aug 20, 2009 and Nov 6, 2009, whilst in possession of material non-public information.

 

The SC alleged the material non-public information referred to in the charges, relates to the proposed take-over offer by Kumpulan Kenderaan Malaysia Bhd of THB shares. The take-over offer was announced to Bursa Malaysia on Nov 6, 2009.

 

Tan, who faces a total of 28 charges, is said to have acquired the THB shares through accounts belonging to two individuals, Chan Sze Yeng and Yap Lee Lee, SC said in a statement yesterday.

 

Meanwhile, Chan and another individual, Cheng Seng Chow, were both charged for abetting Tan in the commission of the offences under section 370(c) of the Capital Markets and Services Act 2007 (CMSA), the statement read.

 

The charges against Tan, Chan and Cheng were read out before Sessions Court Judge Abdul Rashid Daud. Tan, Chan and Cheng were each granted bail of RM200,000 with one surety. They were also ordered to surrender their passports. All claimed trial to the respective charges preferred against them.

 

The offence of insider trading under section 188(2) of the CMSA is punishable with an imprisonment term not exceeding 10 years, and a fine of not less than RM1 million.

 

Shares in THB was traded up one sen or 1.37% at 37 sen, for a market capitalisation of RM15.17 million.