Thursday, 20 September 2012


Today marks the beginning of the alleged insider trading case against Datuk E. Sreesanthan in the Kuala Lumpur Session Court.

Sreesanthan, a seasoned legal practitioner who was called to the Malaysian Bar in 1988, has laid claim to his right for a fair trial and requested that the charges against him be dismissed or struck out as being void in law.

His affadavit reasoned that the Securities Commission has very wide powers of investigation which should be used to get all relevant information for the fair trial of the accused and not just information that is favourable to the prosecution.

The Securities Commission has charged him with seven counts of insider trading involving equities in Sime Darby, UEM, VADS and Maxis.

At case management today Sreesanthan requested the following orders:

(i)         That the five charges under the Securities Industry Act 1983 be dismissed or struck out as the charges are under a repealed law and therefore void in law;

(ii)        That all the seven charges be dismissed or struck out as being instituted under a consent for prosecution dated 18 July 2012 for each charge that is invalid, null and void;

(iii)       That various questions of constitutional law relating to the federal constitution, the Securities Commission Act 1993, the Securities Industry Act 1983 (repealed) and the Criminal Procedure Code be referred to the High Court for determination and if the High Court answers all or any of the questions in the affirmative, the institution of this entire prosecution would be declared as bad in law and should be struck out;

(iv)       That a summons be issued to the Securities Commission and or its officers to produce and deliver all statements, documents and any form of evidence that the prosecution intends to rely on, in connection with the investigation.

Dato’ Sreesanthan is represented by counsel Dato’ Cyrus Das, Dato’ Haji Sulaiman Abdullah, Datuk Tan Hock Chuan, Dato’ Jerald Gomez, Steven Thiru, Wong Kian Keong, David Mathew and Suzalena Salleh.

The Star has published an article on the court case: “Court case of high-flyer corporate lawyer begins


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