Securities Commission Malaysia files civil suit against Dato’ Sreesanthan Eliathamby for insider trading


Securities Commission Malaysia (SC) has filed a civil suit at the Kuala Lumpur High Court against Dato’ Sreesanthan Eliathamby for insider trading involving the shares of Worldwide Holdings Bhd (Worldwide).

In the claim filed on 12 October 2016, SC claimed that Dato’ Sreesanthan had breached section 89E(2)(a) of the Securities Industry Act 1983 (SIA), where he acquired a total of 600,000 of Worldwide shares between 7 June 2006 and 15 September 2006, while in possession of material non-public information. At the material time, Dato’ Sreesanthan was a senior partner in a law firm which was engaged to act as the legal adviser of the proposed privatisation of Worldwide.

The SC contended that the material information referred to in the action was related to a proposed privatisation of Worldwide by way of a member’s scheme of arrangement under section 176 of the Companies Act 1965 undertaken by Perbadanan Kemajuan Negeri Selangor. On 23 August 2006, Worldwide announced the proposed privatisation to Bursa Malaysia.

In 2012, the SC charged Dato’ Sreesanthan with seven counts of insider trading in the shares of four different stocks, namely Sime Darby Bhd, Maxis Communications Bhd, UEM World Bhd and VADS Bhd.

arrow

Securities Commission Malaysia files civil suit against Dato’ Sreesanthan Eliathamby for insider trading

4

Send this to a friend

Fill out the form below for more information
for lising in LeapRate's Forex Yellow Pages

Please enter the company name, email address to reach you and phone # (optional):

Please fill out the message field to the right for any questions or special inquiry: