Why did prosecutors drop insider trading charges against lawyer Sreesanthan?

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Prosecutors Drop Insider Trading Charges Against Lawyer Sreesanthan

Prosecutors have dropped an appeal against lawyer Datuk Sreesanthan Eliathamby's previous acquittal and four outstanding insider trading charges. The Attorney-General’s Chambers (AGC) and the Securities Commission (SC) made the decision to discontinue their legal pursuit against the lawyer.
Acquittal on Three Charges

Sreesanthan was initially charged in 2012 with seven counts under Section 89E(2)(a) of the Securities Industry Act 1983 for allegedly acquiring Sime Darby shares in 2006 while in possession of insider information. He was accused of obtaining these shares during a proposed takeover of several companies, including Sime Darby, by Synergy Drive Sdn Bhd. In January of the current year, a Sessions Court judge acquitted and discharged him on three of these charges, ruling that the prosecution had failed to establish a prima facie case. The judge concurred with the defence's argument that the alleged insider information was publicly accessible through reputable journals and commentaries.
Withdrawal of Appeal and Remaining Charges

The AGC and SC had appealed the Sessions Court's acquittal the day following the ruling. Today, before the trial for the remaining four charges, which pertain to the same business transaction, could commence, the prosecution decided to drop them. Concurrently, the AGC and SC withdrew their appeal at the High Court.
Defence's Consistent Stance

Sreesanthan stated that the Sessions Court's acquittal was based on the information being in the public domain, a point he had consistently maintained throughout the proceedings. He expressed his belief that the AGC and SC recognised the absence of intent to engage in insider trading, aligning with the court's findings.

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Why did prosecutors drop insider trading charges against lawyer Sreesanthan?

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