Ng, 45, was charged with four counts of insider trading for acquiring a total of 1,000,000 units of Hirotako shares while in possession of the same information. The offence was allegedly committed between 14 October 2011 and 20 October 2011 and falls under section 188(2)(a) of the CMSA.
The SC alleged that the shares were acquired through the account belonging to Ng’s husband, Daniel Yong Chen-I. Yong, 47, was charged for allowing Ng to effect the acquisition of the Hirotako shares through his account, an offence under section 29A of the Securities Industry (Central Depositories) Act 1991 (SICDA).
All three claimed trial to the respective charges preferred against them. Tan was granted bail of RM150,000 with one surety, and was ordered to surrender his passport to court. Ng was granted bail of RM450,000 with one surety, and Yong’s bail was set at RM350,000 with one surety. The court also ordered Ng and Yong to report to the SC Investigating Officer on a monthly basis.
Both offences under sections 188(2)(a) and 188(3)(a) of the CMSA are punishable with an imprisonment term not exceeding 10 years and a fine of not less than RM1 million. The offence under section 29A of the SICDA is punishable with a fine not exceeding RM1 million and an imprisonment term not exceeding five years.
SECURITIES COMMISSION MALAYSIA