The High Court today ruled that the charges made against corporate lawyer Datuk E.Sreesanthan involving insider trading under the Securities Commission Act 1993 were constitutional.
Judge Kamardin Hashim, in his judgment, said there was no merit in Sreesanthan's application on issues of law of the charges made against him because they did not contradict Article 5(1) and 8(1) of the Federal Constitution.
He ordered the hearing of all the charges against Sreesanthan, which had been fixed before the Sessions Court, to proceed.
However, he allowed an application by Sreesanthan's lawyer, Datuk Dr Cyrus Das, to postpone the hearing pending an appeal on today's decision after the prosecution, led by Deputy Public Prosecutor Awang Armadajaya Awang Mahmud did not object to it.
Speaking to reporters later, Cyrus said the defence had 30 days to file the appeal.
The defence had submitted three applications on questions of law, including on Section 128 and 134 of the Securities Commission Act 1993, which they contended as unconstitutional.
They contended that the two sections infringed the safeguard of a fair criminal trial guaranteed under Articles 5(1) and 8(1) of the Federal Constitution.
On July 20 last year, Sreesanthan, 53, a former independent non-executive director of Sime Darby Bhd, claimed trial to seven counts of insider trading, involving 625,000 shares in Sime Darby Bhd, Maxis Communications Bhd, UEM World Bhd and VADS Bhd.
He allegedly used the information on the acquisition, privatisation and corporate restructuring exercises of the said companies at his disposal between 2006 and 2008 to acquire the shares.
All the offences were allegedly committed at Bursa Malaysia Securities Bhd in Bukit Kewangan in Kuala Lumpur between October 9, 2006, and September 18, 2008.
Sreesanthan faces a minimum fine of RM1 million and up to 10 years in prison for each offence under the Securities Industry Act 1983 and Capital Markets and Services Act 2007, upon conviction.
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