MPCorp Former CEO charged with 58 counts of insider trading!
January 10, 2014
KUALA LUMPUR, Jan 10 — A former chief executive officer of Malaysia
Pacific Corporation Berhad (MP Corp) pleaded not guilty in the Sessions
Court here today to 58 counts of insider trading, involving acquisition of 5,632,700 units of shares.
Ch’ng Poh @ Ch’ng Chong Poh, 74, is charged with possession of information that is not generally available, which on becoming generally available, would have a material effect on the proposed joint-venture between Oriental Pearl City Properties Sdn Bhd and Amanah Raya Development Sdn Bhd.
Oriental Pearl City Properties Sdn Bhd is a subsidiary of MPAC, which is owned by MPAC, while Amanah Raya Development Sdn Bhd is a subsidiary of Amanah Raya Berhad.
The two companies proposed to jointly develop, build and manage Lakehill Resort City, Asia Pacific Trade & Expo City and Taman Nusa Damai, covering 638 acres in Nusa Damai, Iskandar, Johor.
Ch’ng is alleged to have committed the offence at the Bursa Malaysia Sekuriti Malaysia, Bukit Kewangan, between May 14, 2008 and August 20, 2010.
The offence, under Section 188(2) Capital Markets and Services Act 2007, carries an imprisonment for a term not exceeding 10 years and fine up to RM1 million, if found guilty.
The prosecution, represented by prosecuting officers from the Securities Commission, Shoba Venu Gobal and Siti Rahaizah Razali, offered Ch’ng bail of RM500,000 with two sureties on grounds that the offence was serious and of public interest.
However, Ch’ng’s lawyer, Ravinder Singh, requested bail at RM300,000 in one surety due to his client’s age and health condition.
Judge Mat Ghani Abdullah allowed Ch’ng bail of RM300,000 with one surety and also for the accused to surrender his passport to the court.
The court also set February 11 for mention.
Ch’ng posted the bail. — Bernama
Ch’ng Poh @ Ch’ng Chong Poh, 74, is charged with possession of information that is not generally available, which on becoming generally available, would have a material effect on the proposed joint-venture between Oriental Pearl City Properties Sdn Bhd and Amanah Raya Development Sdn Bhd.
Oriental Pearl City Properties Sdn Bhd is a subsidiary of MPAC, which is owned by MPAC, while Amanah Raya Development Sdn Bhd is a subsidiary of Amanah Raya Berhad.
The two companies proposed to jointly develop, build and manage Lakehill Resort City, Asia Pacific Trade & Expo City and Taman Nusa Damai, covering 638 acres in Nusa Damai, Iskandar, Johor.
Ch’ng is alleged to have committed the offence at the Bursa Malaysia Sekuriti Malaysia, Bukit Kewangan, between May 14, 2008 and August 20, 2010.
The offence, under Section 188(2) Capital Markets and Services Act 2007, carries an imprisonment for a term not exceeding 10 years and fine up to RM1 million, if found guilty.
The prosecution, represented by prosecuting officers from the Securities Commission, Shoba Venu Gobal and Siti Rahaizah Razali, offered Ch’ng bail of RM500,000 with two sureties on grounds that the offence was serious and of public interest.
However, Ch’ng’s lawyer, Ravinder Singh, requested bail at RM300,000 in one surety due to his client’s age and health condition.
Judge Mat Ghani Abdullah allowed Ch’ng bail of RM300,000 with one surety and also for the accused to surrender his passport to the court.
The court also set February 11 for mention.
Ch’ng posted the bail. — Bernama
