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Monday, 20 March 2017 | MYT 10:52 PM

SC files suit against three for insider trading

PETALING JAYA: The Securities Commission (SC) has filed a civil suit in the Kuala Lumpur High Court against a former director of Axis Inc Bhd and two other individuals, whom the SC alleged traded in Axis shares while in possession of inside information.

Axis, a garment manufacturer, was de-listed from Bursa Malaysia in 2011.

In a statement, the SC claimed that the director communicated material non-public information to the other two who share his surname (the statement did not disclose their relationship to each other).

The SC is seeking from the defendants a disgorgement of three times the profits made by the two.

The commission is also claiming a civil penalty of RM1mil from each of the three defendants and an order that the defendants be barred from being a director of any public-listed company for a period of five years.