Former deputy chair of shipping firm freed of insider trading charges
The High Court in Kuala Lumpur today acquitted and discharged the former executive deputy chairman of a shipping company, Malaysian Merchant Marine Berhad (MMM), on three charges of insider trading.
Judicial Commissioner Azhar Abdul Hamid set aside the conviction, the five-year jail sentence and the RM9 million fine imposed by the Sessions Court on R Ramesh, 57, on Sept 11, 2019, after finding him guilty of the charges...
The High Court in Kuala Lumpur today acquitted and discharged the former executive deputy chairman of a shipping company, Malaysian Merchant Marine Berhad (MMM), on three charges of insider trading.
Judicial Commissioner Azhar Abdul Hamid set aside the conviction, the five-year jail sentence and the RM9 million fine imposed by the Sessions Court on R Ramesh, 57, on Sept 11, 2019, after finding him guilty of the charges.
Ramesh was represented by lawyers Gurdial Singh Nijar, Joshua Andran and Abraham Au, while deputy public prosecutors Hashley Tajudin, Munira Masood and Daniel Ariff appeared for the Securities Commission Malaysia.
On April 29, 2015, Ramesh pleaded not guilty to three counts of disposing of more than 10 million MMM shares while in possession of material non-public information in relation to the proposed downgrade by the Malaysian Rating Corporation Bhd (MARC) on the credit rating of MMM’s Al-Bai Bithaman Ajil Islamic Debt Securities.
The alleged disposals of the MMM shares were made on Jan 11, Feb 19 and Feb 22, 2010.
Insider trading is an offence under Section 188(2)(a) of the Capital Markets and Services Act 2007, which carries a maximum fine of RM1 million and a maximum jail term of 10 years.
- Bernama
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