According to the charges, Bun Hwa had acquired 145,000 units of PacificMas shares while in possession of inside information between 18 and 31 December 2007. At the material time, Bun Hwa was a Senior Manager in the Corporate Finance Department of CIMB Investment Bank Bhd (CIMB).
The inside information referred to in the charges related to the proposed take-over offer of PacificMas by Overseas Chinese Banking Corporation (OCBC), which was announced to Bursa Malaysia on 4 January 2008. At the material time, CIMB had been engaged by OCBC to advise it on the proposed take-over. Bun Hwa had pleaded guilty following a plea bargaining application under section 172C of the Criminal Procedure Code.
In 2017, Bun Hwa was charged together with Ewe Lay Peng, also a Senior Manager in the Corporate Finance Department in CIMB, as well as Bun Hwa’s brother Lim Boon Cheng, with respect to the insider trading activities in this case. Following the plea of guilt by Bun Hwa, the charges against Boon Cheng were withdrawn. The court has fixed 11 October 2018 for trial dates to be fixed in the case involving Ewe.
