The Securities Commission (SC) should release results of an alleged insider trading probe involving a public-listed company linked to the son of Prime Minister Najib Abdul Razak, an opposition MP demanded today.

"We want the SC to reveal the outcome," said Tony Pua ( photo )(DAP-Petaling Jaya Utara) in the Dewan Rakyat,referring the the Supercomnet Bhd stock's unusual price fluctuations in 2012.

"The stock price rallied from 12.5 sen on March 20, 2012 (Tuesday) to 29.5 sen the following Friday.

"It hit a peak of 58 sen on the very next trading day on March 26, 2012, a Monday," revealed Pua during the debate on the second reading of the Capital Markets and Services (Amendment) Bill 2015.

Supercomnet responded with a statement after trading hours on May 26, 2012, saying that the company's major shareholders had the day before signed an agreement with Mohd Nazifuddin Najib to allow him to buy 45,357,000 ordinary shares of RM0.10 each at RM0.225 per share, representing 18.66% of the issued and paid-up capital of Supercomnet.

"On Tuesday morning, the stock rose to 52.5 sen before collapsing to 36.0 sen at close.

On March 27, 2012,Nazifuddin indicated that he would not be pursuing the option to purchase the 18.66% stake," Pua said, adding the stock then collapsed to 22.5 sen.

'Bizarre U-turn'

The rapid rise and fall of Supercomnet's share price showed the possibility of manipulation and outright negligence in ensuring material information was made available to investors on a timely basis, said  the DAP parliamentarian.

"Nazifuddin's downright bizarre U-turn on the acceptance of the 'option to purchase' 18.66% of the company, only to reject it within 48 hours must be explained," he said.

"The commission has brought few other cases to court and this is good. The market wants to see the institution as being free," he said.

"We don't want to see VIPs and those sensitive figure exempted from investigations," he added.

Deputy Finance Minister Chua Tee Yong refused to divulge details relating to the case, saying the commission was still probing the case.