SC
Charged Sreesanthan Section 89E(2)(a) of the Securities Industry Act 1983.
Multi Management and Future Solutions Malaysia: The Securities Commission (SC) has sued Datuk Sreesanthan Eliathamby for insider exchanging including Worldwide Holdings Bhd offers.
This was the second time Sreesanthan was charged by the SC.
In 2012, the SC accused him of seven include of insider exchanging the shares of four distinct stocks, to be specific Sime Darby Bhd, Maxis Communications Bhd, UEM World Bhd and VADS Bhd.
In an announcement yesterday, the SC asserted that Sreesanthan had ruptured Section 89E(2)(a) of the Securities Industry Act 1983 after his procurement of 600,000 of Worldwide shares between June 7 and September 15 2006, while possessing material non-open data.
At the time, 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, said the SC.
"The SC fought 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 segment 176 of the Companies Act 1965 embraced by Perbadanan Kemajuan Negeri Selangor," it included.
Overall Holdings reported the proposed privatization to Bursa Malaysia on August 23 2006.
The SC is looking for, among others, a vomiting of RM1,989,402, which is three times the benefits asserted to have been made by Sreesanthan as a consequence of the rupture, a common punishment of RM1 million and a request to ban him from being delegated as chief in any open recorded firm for a long time.
Multi Management and Future Solutions Malaysia: The Securities Commission (SC) has sued Datuk Sreesanthan Eliathamby for insider exchanging including Worldwide Holdings Bhd offers.
This was the second time Sreesanthan was charged by the SC.
In 2012, the SC accused him of seven include of insider exchanging the shares of four distinct stocks, to be specific Sime Darby Bhd, Maxis Communications Bhd, UEM World Bhd and VADS Bhd.
In an announcement yesterday, the SC asserted that Sreesanthan had ruptured Section 89E(2)(a) of the Securities Industry Act 1983 after his procurement of 600,000 of Worldwide shares between June 7 and September 15 2006, while possessing material non-open data.
At the time, 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, said the SC.
"The SC fought 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 segment 176 of the Companies Act 1965 embraced by Perbadanan Kemajuan Negeri Selangor," it included.
Overall Holdings reported the proposed privatization to Bursa Malaysia on August 23 2006.
The SC is looking for, among others, a vomiting of RM1,989,402, which is three times the benefits asserted to have been made by Sreesanthan as a consequence of the rupture, a common punishment of RM1 million and a request to ban him from being delegated as chief in any open recorded firm for a long time.
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