Judicial Commissioner Azhar Abdul Hamid made the order of discharge and acquittal after allowing the appeal by Thai, whose real name is Thai Kim Sim, after ruling that the conviction was unsafe.“After hearing submissions from both parties, the court found that the conviction is not safe.The court also ordered that the fines that were imposed be returned to the accused.
On Nov 24,2017, Thai was sentenced to five years' jail and fined RM5mil for insider trading, while Tiong was jailed five years and fined RM10mil.Thai was convicted for communicating non-public information between Oct 25 and 29,2007, to Tiong. At the time of the commission of the offence, Tiong was also a licensed intra-day trader with a stockbroking company.
Insider trading offences, under Section 188 of the Capital Markets and Services Act 2007, carry a mandatory punishment of imprisonment not exceeding 10 years and a fine of not less than RM1mil.
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