Malaysia’s Securities Commission yesterday charged Tiong Kiong Choon for insider trading offences.
He was charged for selling 6,208,500 APL Industries (APLI) shares while in possession of non-public information in relation to the audit adjustments proposed by APLI’s auditors.
These adjustments resulted in APLI reporting a higher loss amounting to RM21.1 million for the financial year ended June 30, 2007, as compared to the unaudited results of RM4.5 million for the same period.
Tiong sold the APLI shares via accounts belonging to his mother-in-law, Bong Nyon and his mother, Ling Moy Yang on October 26 and 29, 2007.
Tiong claimed trial to the charge preferred, according to the SC.
Sessions Court judge Abdul Rashid Bin Daud set bail at RM250,000 with one surety and also ordered the surrender of Tiong’s international passport.
He is an agent with one of the stockbroking firms in Kuala Lumpur.
The offences carry a punishment of mandatory imprisonment of not fewer than 10 years and a fine of not less than RM1 million.