Tiong was charged for disposing 6,208,500 APL Industries Berhad (APLI) shares whilst in possession of non-public information in relation to the audit adjustments proposed by APLI’s auditors, which would result in APLI reporting a higher loss amounting to RM21.1 million for the financial year ended 30 June 2007 as compared to the unaudited results of RM4.5 million for the same period. The effect of the adjustments would result in APLI being designated as a PN 17 company.
Tiong disposed the APLI shares via accounts belonging to his mother-in-law, Bong Nyon and his mother, Ling Moy Yang on 26 October 2007 and 29 October 2007.
Tiong claimed trial to the charge preferred. Sessions Court judge, Abdul Rashid Bin Daud set bail at RM250,000 with one surety. He also made an order for the surrender of Tiong’s international passport.
Tiong is a remisier with one of the stock broking companies in Kuala Lumpur.
The offences carry a punishment of mandatory imprisonment not exceeding 10 years and a fine of not less than RM1 million.
SECURITIES COMMISSION MALAYSIA
