KUALA LUMPUR, Jan 7 — The Securities Commission Malaysia (SC) recently filed a suit against two individuals — Teng Choon Kwang and Tan Boon Hwa — for insider trading involving the shares of Inti Universal Holdings Bhd (Inti).

The SC said Teng was at the material time a non-executive director of Inti.

In the claim filed on Dec 30, 2015, the SC alleged the two individuals had  breached section 89E(2) of the Securities Industry Act 1983 (SIA) and acquired a total of 305,000 Inti shares between Sept 13, 2007 and Sept 18, 2007 while in possession of material non-public information.

The material information referred to in the action was related to a proposal from Laureate Education, Inc. to acquire the controlling interest in Inti from Inti’s major shareholder, Inti Supreme Holdings Sdn Bhd, the SC said.

“Laureate’s proposed offer for the acquisition amounted to RM126.6 million which translated to a price of RM1.20 per Inti share which was announced to Bursa Malaysia on Sept 19, 2007,” it said in a statement today.

The SC is seeking, among others, a disgorgement of RM293,502, which is three times the profits alleged to have been made by the defendants as a result of the breach.

The commission is also claiming a civil penalty of RM1 million and an order to bar the defendants from being appointed as directors in any public listed company for a period of five years. — Bernama