Deputy public prosecutor Hasley Tajudin, at the outset of the proceeding, informed judicial commissioner Aslam Zainuddin that it was not proceeding with the appeal against a sessions court ruling.

Aslam then struck out the appeal and affirmed the decision of sessions court judge Zamri Bakar.

Early this year, Zamri had acquitted Sreesanthan Eliathamby, without calling for his defence, over three counts of insider trading alleged to have been committed 15 years ago.

Zamri said the prosecution had failed to establish a prima facie case against Sreesanthan.

Zamri said he concurred with the defence that the alleged insider information was in the public domain.

The judge said several reputable journals and commentaries on the proposed acquisition or merger of the Sime Darby, Kumpulan Guthrie and Golden Hope groups of companies were published before the accused acquired Sime Darby Bhd shares.

The judge said the offence of insider trading was not a strict liability offence and that mens rea (criminal intent) must be proven by the prosecution.

In 2012, Sreesanthan, 60, was charged with acquiring a total of 75,000 Sime Darby shares while allegedly in possession of inside information on the proposed acquisition of several companies, including Sime Darby, by a special purpose vehicle.

Lawyers Jerald Gomez and Michelle Wong appeared for Sreesanthan.