On 12 August 2005, SC filed a civil suit against Lim Chiew for breaching s.89E(2) Securities Industry Act 1983 for trading in the shares of Bolton Berhad (Bolton) as an ‘insider’.
At the material time, Lim Chiew was an independent non executive director of Magnum Corporation Bhd (Magnum), an associate company of Multi – Purpose Holdings Berhad.
It is alleged that Lim Chiew was in possession of information relating to the (then) proposed disposal of Magnum to Bolton when he purchased Bolton shares.
The relief sought against Lim Chiew include damages in the amount of RM1.2million and civil penalties in the amount not exceeding RM500,000
Pleadings have been filed and matter is currently under case management by the Court in preparation for trial.