Last Friday, the prominent businessman was sentenced to a five-year jail term and fined RM5 million for insider trading involving APL Industries Bhd shares by the Sessions Court, theedgemarkets.com reported.
Thai, the former managing director of APL Industries, a rubber glove maker that was delisted from Bursa Malaysia in February 2009, was found guilty along with former remisier Tiong Kiong Choon.
The court has granted a stay of execution pending appeal.
In a brief statement, Thai’s lead defence counsel K Kumaraendran and co-counsel Devanandan said the sentence was “manifestly excessive and against the trend of cases” and that there were substantial merits for the appellate court to reverse his conviction based on the evidence adduced.
Theedgemarkets.com quoted them as saying: “Although there were 50 million APLI (APL Industries Bhd) shares of which 45 million were held by Supermax and five million by Thai in his personal capacity, he has never traded nor did he share in any profits as part of any quid pro quo at any time.”
Supermax chairman Rafidah Aziz said in a statement that the group and its board of directors “stand strongly behind” Thai and that business at the company was “as usual”.
Rafidah noted, according to the report, that Thai’s charge was related only to APL Industries and not Supermax.
Supermax shares closed 5.3% or 11 sen lower at RM1.98 yesterday, with 17.2 million shares traded, giving it a market value of RM1.3 billion, theedgemarkets.com reported.