KUALA LUMPUR: The Securities Fee stated on Thursday lawyer Datuk Sreesanthan Eliathamby had agreed to pay RM900,000 disgorgement of income as a part of a Regulatory Settlement Settlement with the SC.
In a press release, the SC stated the settlement settlement was for insider buying and selling of the shares of Maxis Communications Bhd, UEM World Bhd and VADS Bhd.
The SC issued the assertion following information articles revealed on-line on Wednesday, of the “acquittal” of a senior company lawyer for insider buying and selling.
Under is the SC assertion:
The Securities Fee Malaysia (SC) wish to state the next details:
1. Lawyer Dato’ Sreesanthan a/l Eliathamby (Sreesanthan) has agreed to pay RM900,000 disgorgement of income as a part of a Regulatory Settlement Settlement
with the SC for insider buying and selling of the shares of Maxis Communications Berhad,UEM World Berhad and VADS Berhad.
2. Following this settlement, the SC, with the consent of the Public Prosecutor, withdrew associated prison proceedings towards Sreesanthan, and its enchantment towards his acquittal in one other case for insider buying and selling of Sime Darby Bhd
shares.
3. This settlement doesn’t have an effect on one other ongoing civil continuing towards Sreesanthan in relation to his acquisition of 600,000 Worldwide Holdings Bhd shares between June and July 2006, whereas in possession of fabric private data. On this continuing, Sreesanthan was discovered liable by the Excessive Courton 4 November 2020 and ordered to pay to the SC a sum of RM1,989,402 in disgorgement, a civil penalty of RM1 million and barred from holding directorshipsof public listed corporations for a interval of 10 years, efficient 18 November 2020.
Sreesanthan has filed an enchantment to the Courtroom of Enchantment towards this choice.
4. Sreesanthan was charged in July 2012 for insider buying and selling involving Sime Darby, Maxis Communications, UEM World and VADS’ shares between October 2006 and September 2008, when he was a senior accomplice of a legislation agency concerned within the company workout routines of those corporations.
5. Although the SC charged Sreesanthan in 2012, the trial solely commenced in 2019 as Sreesanthan had, in September 2012, filed an software to problem the constitutionality of the investigative powers of the SC beneath sections 128 and 134 of the Securities Fee Malaysia Act 1993.
Sreesanthan had additionally filed an software to strike out the prison prices towards him and looked for the disclosure of witnesses’ statements and paperwork.
