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Thursday, November 3, 2011

Finance Ministry probes MAS-AirAsia insider trading allegation

Finance Ministry probes MAS-AirAsia insider trading allegation

KUALA LUMPUR - The Finance Ministry is probing allegations of insider trading between MAS and AirAsia Bhd during its swap deal.

Deputy Minister Datuk Dr Awang Adek Hussin (pic) said that it would take some time to review all the evidence to determine any wrongdoing.

"At the moment we will let Bursa KL and the Securities Commission to analyse the details and if we have enough information, we will take action," he said in reply to Wee Choo Keong (Ind-Wangsa Maju) in Parliament.

Wee had asked whether the ministry had instructed the commission and Bursa to look into allegations of insider trading between MAS and AirAsia and failing to make relevant announcement prior to the swap deal.

Dr Awang stressed that there was no need to invite the Malaysian Anti-Corruption Commission (MACC) as the probe at this stage of the probe.

According to guidelines by Bursa, he said, both companies need not make any announcements if there was no material development prior to the deal as the matter was considered private and confidential.

- The Star

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