Ex-KFC Holdings Bhd executive deputy chairman charged with insider trading
KUALA LUMPUR: Former KFC Holdings Bhd executive deputy chairman Datuk Ishak Ismail was charged was charged at the Sessions Court today with three counts of insider trading and making misleading statement on Kenmark Industrial Co (M) Bhd's shares six years ago.
Ishak, 55, who was also at that time a major shareholder in Kenmark, a furniture manufacturing company, claimed trial to the offences before judge Mat Ghani Abdullah.
On the first count, he was alleged to have made a statement which was misleading in a material particular that was published in The Star newspaper dated June 5, 2010.
The alleged statement was likely to induce the purchase of securities of Kenmark by others.
He was accused of committing the offence at Star Publications (M) Berhad, Menara The Star in Jalan 16/11, Petaling Jaya between June 4 and June 5, 2010.
On the second and third count, he was accused of disposing over 58 million units of Kenmark's shares held by Unioncity Enterprises Limited and BHLB Trustee Bhd while in possession of information not generally available to the public between June 9 and June 11, 2010.
The offences were allegedly committed at Bursa Malaysia Securities Berhad, 10th floor Exchange Square, Bukit Kewangan here.
Ishak faces a maximum of 10 years' jail and fine of at least RM1 million if convicted under Section 188(2)(a) of the Capital Markets & Services Act 2007.
Deputy public prosecutor Roz Mawar Rozain proposed RM500,000 bail with one surety to the accused and for his passport to be surrendered to the court.
Ishak's counsel Datuk Tan Hock Chuan pleaded for the passport to not be imposed as a condition as his client needed to travel overseas for business purposes.
"He will be taking off tomorrow to perform Umrah (pilgrimage) and will be back in a month's time. Tickets have already been bought.
"Besides that, he also has other businesses to handle which are outside of the country" Tan said.
The judge set RM600,000 bail with one surety and fixed July 15 for case managemen
