Supermax Corp Bhd’s founder and former group managing director Datuk Seri Stanley Thai Kim Sim was convicted of insider trading offenses by the Kuala Lumpur Sessions Court yesterday.
His wife, Datin Seri Cheryl Tan Bee Geok was sentenced to a five-year jail term and fined RM7 million for insider trading involving the shares of APL Industries Bhd (APLI), which was once an associate of Supermax. Tan Bee Geok had tipped her sister on the audit adjustments proposed by APLI’s auditors, which resulted in APLI reporting a higher loss for the financial year ended 30 June 2007 compared to the previously reported unaudited Q4 results for the same financial year. The audit adjustments led to APLI being classified as a PN 17 company. APLI made announcements to Bursa Malaysia about the audit adjustments and its classification as a PN 17 company on 31 October 2007.
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The wife, Tan Bee Geok was recipients of the Melaka state awards bestowed in conjunction with the 74th birthday of the Yang Dipertua Negeri, Tun Mohd Ali Rustam carrying the title of Datuk Wira just a few days ago. So crime pays? Are Malaysian leaders misusing their position and power for financial gains?
By Surin Murugiah / theedgemarkets.com 10 Aug 2018, 09:24 amUpdated - 03:25 pm KUALA LUMPUR (Aug 10): Supermax Corp Bhd shares fell as much as 6.3% today after the Kuala Lumpur Session Court yesterday convicted its group executive director Datin Seri Cheryl Tan Bee Geok — who is the spouse of Supermax's founder and former executive chairman and group managing director Datuk Seri Stanley Thai — of insider trading offences involving APL Industries Bhd (APLI) shares.
In Malaysia , crimes pay as long as
you have plenty of money and well cabled
Only the poor get hammered
The rich wander free
Not a pip about Nicky Low and associates
Speaks Volumes
Malaysia is full of double standards and hypocrites
To what extent does the title "Datuk" hold importance in Malaysian society? Historically, it carried weight as a symbol of genuine contributions to the country.
However, in recent times, it seems to be given to individuals who can pay for it, even to former convicts, eroding its original significance and meaning.