Senior corporate lawyer acquitted of 3 insider trading charges
Senior corporate lawyer E Sreesanthan walked out a free man today following the Kuala Lumpur Sessions Court acquitting him of four insider trading charges linked to three public-listed firms.
The Kuala Lumpur High Court also affirmed the legal practitioner's earlier acquittal on three counts of insider trading of Sime Darby Berhad shares in 2006.
Previously on Jan 11, the Kuala Lumpur Sessions Court acquitted him of three counts of insider trading of Sime Darby shares. The prosecution then appealed to the High Court...
Senior corporate lawyer E Sreesanthan walked out a free man today following the Kuala Lumpur Sessions Court acquitting him of four insider trading charges linked to three public-listed firms.
The Kuala Lumpur High Court also affirmed today the legal practitioner's earlier acquittal on three counts of insider trading of Sime Darby Berhad shares in 2006.
Previously on Jan 11, the Kuala Lumpur Sessions Court acquitted him of three counts of insider trading of Sime Darby shares. The prosecution then appealed to the High Court.
At the time, Sessions Court judge Zamri Bakar acquitted Sreesanthan without calling his defence at the end of the prosecution’s case over the three insider trading counts, agreeing with the defence’s contention that the purported inside information was actually in the public domain, courtesy of several reputable journals and commentaries.
Back in 2012, Sreesanthan was charged with a total of seven counts of insider trading.
Lawyer Joshua Andran, who acted for Sreesanthan in the Sessions Court matter today, confirmed that three separate Kuala Lumpur Sessions Court this morning acquitted and discharged his 62-year-old client of the four insider trading charges.
Withdrew all charges
“The Attorney-General’s Chambers (AGC) and Securities Commission (SC) withdrew all charges against him (that were pending at the Sessions Court).
“The AGC and SC also withdrew their appeal in the High Court against Sreesanthan’s acquittal in the Sessions Court in January on three charges of insider dealing.
"This brings to an end the prosecution of Sreesanthan by the AGC and SC, which began in 2012,” Andran said when contacted.
Meanwhile, lawyer Michelle Wong, who represented Sreesanthan at the High Court, confirmed that High Court judge Aslam Zainuddin upheld the acquittal over the three insider trading charges.
She said that deputy public prosecutor Hasley Tajudin informed the High Court that the prosecution would not be continuing with the appeal.
She added that Aslam then struck out the appeal and affirmed the lower court ruling to acquit Sreesanthan.
Lawyer Jerald Gomez also acted for Sreesanthan during the High Court matter.
On July 20, 2012, Sreesanthan, a former independent non-executive director of Sime Darby, pleaded not guilty to seven insider trading counts, linked to 625,000 shares in Sime Darby, Maxis Communications Bhd, UEM World Bhd and VADS Bhd.
He was accused of using the information on the acquisition, privatisation and corporate restructuring exercises of the said firms, to acquire the companies’ shares, between 2006 and 2008.
All the offences were purportedly committed at Bursa Malaysia Securities Bhd at Bukit Kewangan, Kuala Lumpur, between Oct 9, 2006, and Sept 18, 2008.
Sreesanthan then had faced a minimum RM1 million fine and maximum 10 years in jail for each offence, per the Securities Industry Act 1983 and Capital Markets and Services Act 2007, if found guilty.
