Carpetman Jaikishan gives RM767,000 from penny stock sale to charity
(The Malaysian Insider) – Carpet and property dealer Deepak Jaikishan, who gained infamy after being linked to the murder scandal of Altantuya Shaariibuu, denied today any wrongdoing in his rapid entrance and exit of Envair Holding Bhd, which netted him RM767,000 in the process.
Jaikishan, who was accused of silencing a key witness in the gruesome 2006 murder of the Mongolian woman, told reporters he was donating the gains made from the transaction to seven different charities to clear his name.
“We don’t need this kind of money. We don’t need to profit wrongly. It will look very bad for me,” he said, when asked if he was donating the money to dispel speculation of insider trading or manipulation.
The Carpet Raya Sdn Bhd director sold six million shares of the loss-making air and water filter manufacturer less than two weeks after buying them, or the equivalent of a 5.06 per cent stake.
He built up the stake up to December 2, when Envair stood at 22 sen per share and sold his holding on the open market 12 days later when it traded at between 34.5 sen and 38 sen.
Chinese national Zhang LiYing also sold his 9.11 per cent stake in Envair on the same day, two months after acquiring it.
They followed the exit of another Chinese national, Jiang Chuan Yi, who disposed of his 6.75 per cent holding in Envair less than a month after acquiring it on November 1.
Jaikishan had earlier said he would not dispose of his stake as he aimed to be part of the company board following its deal to enter the oil and gas sector by supplying two million barrels of light crude oil monthly for 60 months to China-based An Hong Shenzhen.
