THE Kuala Lumpur Sessions Court yesterday convicted Fang Siew Yee for two offences under the insider trading provisions in the Capital Markets and Services Act (CMSA).
Fang had pleaded guilty to two separate charges of communicating inside information and acquiring shares when in possession of the said information.
The inside information relates to the proposed collective venture between the businesses of Three-A Resources Bhd (3A) and Wilmar International Ltd involving a 20% private placement of the issued and paid-up share capital of 3A to Wilmar.
At the material time, Fang was the executive director of 3A and had represented 3A in a series of meetings and negotiations with Wilmar on the proposed collective venture.
Furthermore, Fang was found to have communicated the inside information to her uncle, Fong Chiew Hean, on September 5, 2009 who subsequently acquired 891,000 of 3A shares.
Meanwhile, Fang has also acquired 2.72 million units of 3A shares through the account of Tan Bee Geok between August 27 and 5 October 5, 2009.
Following her conviction, the court sentenced her to one day imprisonment term and a total fine of RM5 mil for both charges.
Fong, Tan and Fang Chew Ham who were charged together with Fang previously in 2016 had earlier pleaded guilty. – March 24, 2021
