The material non-public information for the first three charges relates to the decrease in Maxbiz’s shareholders’ equity that brought it close to being classified as financially distressed. The material non-public information in the fourth charge concerns the classification of Maxbiz as a Practice Note 17 (PN17) company. Maxbiz was previously listed on the Main Market of Bursa Malaysia before its delisting on 26 March 2012.
Andrew Leong claimed trial today. Kuala Lumpur Sessions Court Judge Zulqarnain Hassan fixed bail at RM600,000 with two sureties.
Insider trading is punishable with an imprisonment term not exceeding 10 years and a fine of not less than RM1 million under the CMSA.
SECURITIES COMMISSION MALAYSIA