KUALA LUMPUR: The High Court here has dismissed an application by tycoon Stanley Thai to be reinstated as the company director for Supermax Corporation Bhd.
The application was sought by Thai after he was disqualified as a director of Supermax following his conviction of an insider trading offence in November 2017.
In a brief statement, the Securities Commission confirmed that the businessman could not return to serve his company following a five-year jail sentence by the Sessions Court in November for the offence under Section 188 of the Capital Markets and Services Act.
Thai communicated non-public information to a remisier in 2007 on the audit adjustment proposed by Supermax’s former associate company, APL Industries Bhd (APLI).
Under the Companies Act, a person is disqualified from being a company director if he is convicted for three months. Thai was the managing director for Supermax when he was found guilty.
Today, Thai’s wife Tan Bee Geok and sister-in-law Tan Bee Hong were also found guilty of insider trading for disclosing non-public information on APLI’s shares.
Both were jailed five years and fined RM7 million each by the Sessions Court.
Under section 188 of the Capital Markets and Services Act 2007 (CMSA), an insider trading offence is punishable with a jail term of not more than 10 years and a fine of not less than RM1 million.
Thai was in the limelight before the May 9 general election when he apologised to then prime minister Najib Razak for supporting then opposition pact Pakatan Rakyat.
He had denied that he made the apology due to his conviction.
Former minister Rafidah Aziz, a critic of Najib’s former administration, quit Supermax as chairman after Thai’s apology.