STANLEY Thai has vacated his position as group managing director of Supermax Corporation after he was convicted and sentenced to five years in jail for insider trading by the Securities Commission.

Supermax said in a Bursa filing that Stanley’s leave of absence was effective November 24 but did not specify the duration of his leave, Nikkei Asian Review reported.

This was done in pursuant to Rule 15.05(3)(d) of the Main Market Listing Requirements of Bursa Malaysia Securities, which deals with vacation of office or removal of directors in the event of a conviction in a court of law.

Supermax, however, assured that the company is still functioning as normal and the management and board is firm in growing the business.

The company also earlier announced the appointment of Tan Chee Keong and Cecile Jaclyn Thai as executive directors effective January 2018.

Cecile Jaclyn, 29, is Stanley’s daughter and also the chief executive of Aveo Vision, a division of Supermax Healthcare Inc.

Tan is a nephew of Stanley’s and is the executive vice-president of Supermax Healthcare Inc.

Just prior to the 13th general election in 2013, Stanley told Bloomberg in an interview that he was joining the thousands of Chinese Malaysians in abandoning BN.

He said he did not want Chinese youths to suffer as the older generations did. – December 7, 2017.