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In The Dock: Doubt over 11-minute conversation sets Stanley Thai and remisier free

WHAT was communicated in the 11-minute telephone conversation between Supermax Corp Bhd founder Datuk Seri Stanley Thai and his remisier Tiong Kiong Choon 13 years ago, and was it safe to convict the former of insider trading in APL Industries Bhd (APLI) shares based on what may have been said? In September, the Kuala Lumpur High Court ruled that it was not safe, and acquitted him of insider trading. On the same basis, judicial commissioner Datuk Azhar Abdul Hamid also reversed Tiong’s conviction by the Sessions Court three years ago. Central to the issue before the court was Thai’s telephone call to Tiong and the 11-minute conversation between the men, which the Securities Commission Malaysia (SC) said resulted in the sale of APLI shares owned by his mother-in-law and mother, prior to APLI becoming a Practice Note 17 company.

In The Dock: Silver Bird s Tan and Ching to continue to stand trial on SC charges

TWO former top executives of Silver Bird Group Bhd may have been acquitted by the Court of Appeal (COA) last June on 134 counts of cheating and using forged documents to cheat Malayan Banking Bhd (Maybank) of almost RM67.4 million, but they are not totally off the hook yet. Even though this was the prosecution’s final appeal, Datuk Jackson Tan Han Kook and Derec Ching Siew Cheong will still have to stand trial on charges levelled against them by the Securities Commission Malaysia for furnishing false information to Bursa Malaysia between 2010 and 2011, after the Kuala Lumpur Sessions Court earlier this month declined to strike out the ongoing charges against them.

APFT, SKP Resources, Top Glove, VS Industry, Bintai Kinden and Sentoria

KUALA LUMPUR (Jan 8): Based on corporate announcements and news flow today, companies in focus on Monday (Jan 12) may include: APFT Bhd, SKP Resources Bhd, Top Glove Corp Bhd, VS Industry Bhd, Bintai Kinden Corp Bhd and Sentoria Group Bhd. APFT Bhd will be delisted from Bursa Malaysia on Jan 13, after the bourse dismissed the company’s appeal for an extension of time to submit its regularisation plan for approval. Bursa Malaysia said today that upon APFT’s delisting, the Practice Note 17 company will continue to exist, but as an unlisted entity. SKP Resources Bhd said five employees of its wholly-owned subsidiary, Syarikat Sin Kwang Plastic Industries Bhd, have tested positive for Covid-19. The group said it will continue to adhere to the standard operating procedures as directed by the MoH, in order to ensure the necessary safeguards are in place to prevent the spread of Covid-19 and to ensure its employees are provided with a safe and healthy working environment.

More coal in the stocking for litigation funders: Parliamentary committee releases report on litigation funding and regulation of the class action industry

the committee”) into Litigation funding and the regulation of the class action industry was released yesterday, making 31 recommendations to reform the class action system. The inquiry was referred in part due to concerns over the significant growth in shareholder class actions and “excessive profits” obtained by litigation funders. In making its recommendations, the committee noted that there was virtually unanimous agreement that the current regulatory arrangements are too ‘light touch’ and greater oversight of the industry is required. The committee’s approach to reform was guided by the principle of reasonable, proportionate and fair access to justice in the best interests of class members.

Extension of insolvency protections - Impact on company directors - Insolvency/Bankruptcy/Re-structuring

To print this article, all you need is to be registered or login on Mondaq.com. On 24 September 2020 we published an article about the: Extension of Insolvency Protections and the impact the Commonwealth Government s temporary insolvency and bankruptcy protections extension to 31 December 2020 has on business and the corporate bodies in Australia. On 29 September 2020 the Australian Restructuring Insolvency & Turnaround Association issued a Practice Note about the impact of the temporary insolvency relief for directors provided by the Commonwealth Government. However, an important feature of that reform (or band aid ) is that there is no retrospective relief for a director s liability for insolvent trading if the relevant

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