The Securities Commission (SC) charged Datuk E. Sreesanthan, a corporate lawyer who sits on the boards of several public listed companies, with seven counts of insider trading in the Kuala
Lumpur Sessions Court today.

Sreesanthan was charged with insider trading in the shares of four listed companies between 2006 and 2008.

In a statement here today, SC said the charges involve three counts of insider trading in the shares of Sime Darby Bhd in 2006, ahead of the acquisition by Synergy Drive of companies within the Sime Darby, Guthrie and Golden Hope groups.

It said two counts of insider trading in the shares of Maxis Communications Bhd, preferred under the Securities Industry Act 1983, were alleged to have taken place during the privatisation of Maxis in 2007.

Two other charges were preferred for insider trading under section 188(2) of the Capital Markets and Services Act 2007 involving the shares of UEM World Bhd and VADS Bhd in 2008.

Both offences under both Acts carry a fine of not less than RM1 million and imprisonment not exceeding 10 years.

Sessions Court judge Datuk Jagjit Singh Bant Singh set bail at RM300,000 with one surety and ordered Sreesanthan to surrender his passport to the court. -- Bernama