PETALING JAYA: The Supermax Corp Bhd group and board of directors have thrown their weight behind beleaguered managing director Stanley Thai, saying they have full confidence in the judicial process.
Chairman Rafidah Aziz said Thai’s lawyers had filed an appeal on the conviction as well as the sentence, on the grounds that it was “manifestly excessive”.
“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,” she said in a report by The Edge.
Thai, 57, was found guilty of insider trading offences last Friday.
The former managing director of APL Industries Bhd (APLI) was convicted of communicating non-public information between Oct 26, 2007 and Oct 29, 2007 to former remisier Tiong Kiong Choon.
He was sentenced to five years’ jail and a RM5 million fine, which he paid.
Tiong meanwhile was sentenced to five years’ jail and a RM10 million fine.
Pointing out that Thai’s charge was only related to APLI, not Supermax, Rafidah said the board and the company were “strongly behind” their managing director.
Insider trading offences, under Section 188 of the Capital Markets and Services Act 2007 (CMSA), is punishable by a maximum of 10 years’ imprisonment and a fine of not less than RM1 million. -FMT
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