KUALA LUMPUR : The Securities Commission has recorded a common suit at the Kuala Lumpur High Court against Datuk Sreesanthan Eliathamby for insider exchanging including the shares of Worldwide Holdings Bhd.
The SC said on Wednesday that in the claim recorded on Oct 12, 2016, it asserted that Sreesanthan had ruptured area 89E(2)(a) of the Securities Industry Act 1983 (SIA).
"He obtained 600,000 of Worldwide shares between June 7 and Se1pt 15, 2006 while possessing material non-open data.
"At the material time, Dato' Sreesanthan was a senior accomplice in a law office which was locked in to go about as the legitimate counselor of the proposed privatization of Worldwide," it said.
The SC battled that the material data alluded to in the activity was identified with a proposed privatization of Worldwide by method for a part's plan of course of action under area 176 of the Companies Act 1965 embraced by Perbadanan Kemajuan Negeri Selangor.
On Aug 23, 2006, Worldwide declared the proposed privatization to Bursa Malaysia.
The SC is looking for, among others, an ejection of RM1.989mil which is three times the benefits asserted to have been made by the respondent as an aftereffect of the rupture, a common punishment of RM1mil and a request to banish the litigant from being delegated as chief in any open recorded organization for a time of 10 years.
In 2012, the SC accused Sreesanthan of seven include of insider exchanging the shares of four unique stocks, in particular Sime Darby Bhd, Maxis Communications Bhd, UEM World Bhd and VADS Bhd.
Malaysia Share Market, Financial Advisor Malaysia, Stock Signals, Share Market Recommendations, Stock Recommendations, Financial Advisory Services, Stock Trading Picks
No comments:
Post a Comment