Civil Action in 2016 - Civil Actions and Regulatory Settlements

Civil Action in 2016

No.	Breach	Defendants	Brief facts of the case
1.	Use of manipulative and deceptive devices [s. 179 of CMSA] Causing wrongful loss to a listed corporation [s. 317A of CMSA]	Datin Chan Chui Mei	On 26 September 2016, the SC filed a civil suit against Datin Chan Chui Mei. The SC is seeking, among others: A declaration that Datin Chan had contravened section 179 and 317A of the CMSA; An order that Datin Chan makes restitution to persons aggrieved by the contravention; An order that Datin Chan pays the SC the sum of RM11.54million, to be held in trust for Stone Master Corporation Berhad; An order that Datin Chan be barred from being a director of a public-listed company for a period of five years; Civil penalty of RM1 million for the contravention; Interest; Costs. The SC has obtained an interim injunction from the Kuala Lumpur High Court to restrain Datin Chan from dealing with the monies in her bank accounts up to the amount of RM11.54 million. The High Court has fixed 2 December 2016 for the inter parte hearing of the injunction.
2.	Insider trading [section 89E(2) SIA]	Sreesanthan A/L Eliathamby	On 12 October 2016, the SC filed a civil suit against Sreesanthan A/L Eliathamby. The SC is seeking, among others: A declaration that Sreesanthan had engaged in insider trading in respect of Worldwide Holdings Bhd shares between 7 June 2006 and 11 July 2006; A payment of the sum of RM1,989,402 which is equivalent to three times the amount of RM663,134 being the difference between the price at which the shares had been acquired by Sreesanthan and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the material non-public information had been generally available; Civil penalty of RM1 million for the breach of section 89E of the SIA; An order that Sreesanthan be barred from being a director of any public listed company for a period of 10 years; Interest; Cost.

No.

Breach

Defendants

Brief facts of the case

Use of manipulative and deceptive devices [s. 179 of CMSA]

Causing wrongful loss to a listed corporation [s. 317A of CMSA]

Datin Chan Chui Mei

On 26 September 2016, the SC filed a civil suit against Datin Chan Chui Mei. The SC is seeking, among others:

A declaration that Datin Chan had contravened section 179 and 317A of the CMSA;
An order that Datin Chan makes restitution to persons aggrieved by the contravention;
An order that Datin Chan pays the SC the sum of RM11.54million, to be held in trust for Stone Master Corporation Berhad;
An order that Datin Chan be barred from being a director of a public-listed company for a period of five years;
Civil penalty of RM1 million for the contravention;
Interest;
Costs.

The SC has obtained an interim injunction from the Kuala Lumpur High Court to restrain Datin Chan from dealing with the monies in her bank accounts up to the amount of RM11.54 million. The High Court has fixed 2 December 2016 for the inter parte hearing of the injunction.

Insider trading [section 89E(2) SIA]

Sreesanthan A/L Eliathamby

On 12 October 2016, the SC filed a civil suit against Sreesanthan A/L Eliathamby. The SC is seeking, among others:

A declaration that Sreesanthan had engaged in insider trading in respect of Worldwide Holdings Bhd shares between 7 June 2006 and 11 July 2006;
A payment of the sum of RM1,989,402 which is equivalent to three times the amount of RM663,134 being the difference between the price at which the shares had been acquired by Sreesanthan and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the material non-public information had been generally available;
Civil penalty of RM1 million for the breach of section 89E of the SIA;
An order that Sreesanthan be barred from being a director of any public listed company for a period of 10 years;
Interest;
Cost.