KUALA LUMPUR (March 29): Three individuals were today charged for insider trading offences involving the shares of PacificMas Bhd, a company that was delisted in 2012.

Ewe Lay Peng, Lim Bun Hwa and Lim Boon Cheng all claimed trail at the Sessions Court, said the Securities Commission Malaysia (SC) in a statement.

Lay Peng, 45, was charged with communicating non-public information in December 2007 to Lim Bun Hwa. Both of them were senior managers in the Corporate Finance Department of CIMB Investment Bank Bhd at the time.

Boon Cheng, 47, who is the brother of Bun Hwa, was slapped with five charges for acquiring 145,000 units of PacificMas shares while in possession of the non-public information.

Bun Hwa, 41, was charged with abetting Boon Cheng in committing the alleged offence.

SC said the material non-public information was related to the proposed conditional take-over offer by OSPL Holdings Sdn Bhd (OHSB) to acquire all voting shares in PacificMas not already owned by OHSB.

The charges, under section 188 of the Capital Market and Services Act 2007, carry a penalty of up to 10 years in jail and a maximum fine of RM1 million.

Boon Cheng was granted bail of RM150,000, while Bun Hwa and Lay Peng were each granted bail of RM100,000.

PacificMas was known as The Pacific Bank Bhd until it disposed of its banking business to Malayan Banking Bhd in 2001. Thereafter it operated as a provider of financial services such as leasing, hire purchase and unit trust funds management.