Title: Senior Managers at CIMB Investment Bank Accused of Insider Trading in Malaysia

Charges Against Former CIMB Investment Bank Managers

• Few Lay Peng, 45, and Lim Bun Hwa, 41, former Senior Managers in the Corporate Finance Department of CIMB Investment Bank Bhd, were charged with insider trading in the Kuala Lumpur Sessions Court.
• Lay Peng is accused of communications of non-public information to Lim Bun Hwa between December 10, 2007, and December 31, 2007.

Alleged Offences and Material Non-public Information

• Lim Boon Cheng, 47, Lim Bun Hwa’s brother, was also charged for acquiring 145,000 units of PacificMas Bhd (PacificMas) shares during the same period while in possession of material non-public information.
• Bun Hwa was charged with abetting Boon Cheng in this alleged offence.

Material Non-public Information

• According to the Securities Commission Malaysia (SC), the material non-public information referred to in the charges concerned the proposed conditional take-over offer by OSPL Holdings Sdn Bhd (OHSB) to acquire all voting shares in PacificMas not already owned by the company.
• The take-over offer was announced to Bursa Malaysia on January 4, 2008.

Charges and Court Proceedings

• Charges were read out before Judge Tuan Azman Ahmad on behalf of the three individuals.
• All three defendants pleaded not guilty to the charges presented against them.

Bail and Penalties

• Boon Cheng was granted bail of RM150,000 with one surety.
• Bun Hwa and Lay Peng were both granted bail of RM100,000 with one surety each.
• The court also ordered the defendants to surrender their passports.

Penalties for Insider Trading

• Insider trading allegations carry a penalty of imprisonment for a term not exceeding ten years and a fine of no less than RM1 million.

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