Datin Seri Tan Bee Geok was sentenced to a five-year jail term and fined RM7 million for insider trading offences during her time as ED in charge of finances for APL Industries Bhd (APLI) – a company under Supermax Corp Bhd.

 

The Kuala Lumpur Sessions Court convicted Tan Bee Geok for communicating non-public information to her sister Tan Bee Hong between Oct 23 and Oct 31, 2007.

 

The latter was sentenced to a five-year jail term and fined RM7 million as she disposed of 350,000 APLI shares while in possession of this non-public information.

 

Following the conviction, Tan Bee Geok vacated her position as ED of Supermax effective yesterday. She holds a 15.7% stake in Supermax and is the wife of the glove maker’s former director Datuk Seri Stanley Thai Kim Sim.

 

The Kuala Lumpur High Court also dismissed Thai’s application to be re-appointed as a Supermax direction after he was disqualified from the position following his insider trading conviction on November, 2017. Thai is still listed as MD for Supermax.

 

In an exchange filing yesterday, Supermax noted the Kuala Lumpur Sessions Court granted a stay of execution pending appeal against Tan Bee Geok’s conviction and sentence.

 

The company said it has a succession plan in place and that business is to proceed as usual at the rubber glove maker.

 

Both Tan Bee Geok and her sister were convicted under section 188 of the Capital Markets and Services Act 2007, a release from the Securities Commission revealed.