Husband and wife charged with insider trading

goh_law_600

PETALING JAYA: A man and his wife were charged in the Kuala Lumpur High Court yesterday for committing insider trading offences in 2006.

The Securities Commission Malaysia (SC) revealed in a statement that the couple was arrested in Singapore on Sunday.

“Goh Keng Huat and his wife Wee Siew Ling were charged with having committed insider trading offences under section 89E(2)(a) of Securities Industry Act 1983.

“The charge was pertaining to their acquisition of 851,600 shares in Road Builder Holdings (RBH) while in possession of material, non-public information between Sept 4, 2006 and Oct 16, 2006,” the SC said, adding that Goh faces 10 charges altogether.

According to the SC, the non-public information that Goh had prior knowledge concerned the proposed acquisition of all assets and liabilities of RBH by IJM Corp Bhd at a total indicative purchase consideration of approximately RM1.56 billion.

“Goh was at the material time the head of equity markets at Aseambankers Malaysia Bhd which is now known as Maybank Investment Bank Bhd,” SC said, adding that he was alleged to have acquired the RBH shares through trading accounts belonging to his wife, Wee.

The additional charges against Wee, SC said, was for abetting Goh, having allowed her accounts to be used by her husband for the purpose of acquiring the RBH shares.

Goh and Wee pleaded not guilty to all charges and were each granted bail of RM500,000 with two sureties. The case has been fixed for mention on Dec 6, 2017.

If convicted, the couple face up to 10 years in jail and a fine of at least RM1 million.