Datuk Bill Ch’ng Chong Poh, former CEO of property firm Malaysia Pacific Corp Bhd, has been charged with 58 counts of insider trading in the company’s shares between May 14, 2008 and August 20, 2008

January 12, 2014 Leave a comment

Updated: Saturday January 11, 2014 MYT 6:56:30 AM

Ch’ng charged with insider trading

bizd_pc_1101_p5

PETALING JAYA: Datuk Bill Ch’ng Chong Poh (pic), former chief executive officer (CEO) of property firm Malaysia Pacific Corp Bhd, has been charged with 58 counts of insider trading in the company’s shares between May 14, 2008 and August 20, 2008. The Securities Commission said in a press release that the charges preferred against Ch’ng were for offences under Section 188(2) of the Capital Markets and Services Act 2007.

The stock exchange regulator said Ch’ng had allegedly acquired the shares ahead of entering into a multi-million ringgit joint-venture project between Oriental Pearl City Properties Sdn Bhd, a

wholly-owned subsidiary of Malaysia Pacific, and Amanahraya Development Sdn Bhd, a unit of Amanah Raya Bhd, to undertake and manage several projects inIskandar Malaysia.

He has claimed trial to the charges, which carry a mandatory imprisonment not exceeding 10 years and a fine of not less than RM1mil upon conviction.

Sessions Court judge Mat Ghani Abdullah set bail at RM300,000 with one surety and ordered Ch’ng to surrender his international passport to the court.

Ch’ng, an architect by training, resigned as CEO on Dec 19, and was succeeded by son Charles. He remained as chairman of an executive committee focusing on the re-implementation as well as the restructuring of Asia Pacific Trade & Expo City, the central component of the 366.2ha freehold LakeHill Resort City township project in Iskandar.

Besides the yet-to-be launched township, the company owns the freehold 22-storey Wisma MPL located along Jalan Raja Chulan in Kuala Lumpur.

Filed under Macro Trends

Unknown's avatarAbout bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

Leave a comment