Dato’ Aminuddin Bin Md Desa 

On 31 December 2021, a civil action was filed against Dato’ Aminuddin Bin Md Desa  (“the Defendant”) for breaches of the insider trading provisions under the Capital Markets and Services Act 2007 (“CMSA”) in respect of the acquisition of Perak Corporation Berhad shares.

The SC sought from the Defendant,  among others, the following:

• a declaration that the Defendant had breached Section 188(2)(a) of the CMSA or in the alternative Section 188(2)(b) of the CMSA;
• payment of the sum of RM2,466,229.20;
• civil penalty of RM1,000,000;
• an Order that the Defendant be barred from becoming a Chief Executive Officer or Director of any public listed company and/ or any subsidiary of a public listed company, for a period of five (5) years from the date of this Order under Section 360(1)(a)(L) of the CMSA;
• an Order that the Defendant be barred from being involved in the management of any public listed company and/ or any subsidiary of a public listed, whether directly or indirectly, for a period of five (5) years from the date of this Order under Section 360(1)(a)(L) of the CMSA;
• an order to restrain the Defendant, whether by himself, his agent or otherwise howsoever, from trading in any counter on Bursa Malaysia for a period of five (5) years from the date of this Order;
• interests; and
• costs

1. Tan Swee Hock
2. Chan Sze Yeng
3. Cheng Seng Chow

On 22 July 2021, a civil action was initiated against Tan Swee Hock, Chan Sze Yeng and Cheng Seng Chow (“the Defendants”) for breach of section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA).

In respect of the acquisition of Transocean Holdings Bhd. (“THB”) shares by the Defendants, the SC sought, among others, the following:

• a declaration that there is a breach of Section 188(2)(a) of the CMSA as admitted by the Defendants;
• an Order that the Defendants jointly and severally pay the sum of RM755,718.00;
• an Order that Tan Swee Hock pays the civil penalty of RM200,000.00;
• an Order that Chan Sze Yeng and Cheng Seng Chow pay the civil penalty of RM100,000.00 each;
• an Order that the Defendants pay costs of RM50,000.00 each;
• an Order that the Defendants be barred from becoming a Chief Executive Officer or Director of any public listed company and/ or any subsidiary of a public listed company, for a period of five (5) years from the date of this Order;
• an Order that the Defendants be barred from being involved in the management of any public listed company and/ or any subsidiary of a public listed, whether directly or indirectly, for a period of five (5) years from the date of this Order;
• an injunction to restrain each of the Defendant, whether by himself, his agent or otherwise howsoever, from trading in any counter on Bursa Malaysia for a period of five (5) years from the date of this Order;
• an Order that the Defendants jointly and severally pay interest at the rate of 5% per annum on the judgment sum from the date of judgment to full realisation thereof.

On 26 October 2021, the High Court recorded a Consent Judgment between the SC and the Defendants granting all the orders which were sought by the SC.

On 11 October 2021, a civil action was initiated against Francis Tan Hock Leong (“Francis”) for insider trading, a breach under section 188(2) of the Capital Markets and Services Act 2007 (“CMSA”).
The SC sought, among others, the following:

• A declaration that Francis had breached section 188(2)(a) of the CMSA;
• An Order that Francis pay the sum of RM1,135,665.00 to the SC, being an amount equal to three (3) times the difference between the price at which he had disposed of his shares in R&A Telecommunication Sdn Bhd (“R&A”) and the price they would have been likely to have been disposed of, if the Inside Information had been generally available;
• An Order that Francis pay to the SC a civil penalty not exceeding RM1,000,000.00;
• An Order that Francis be barred from being a Director of any public company for a period of ten (10) years from the date of the Order;
• Interest; and
• Costs.

On 13 September 2021, a civil action was initiated against Toh Kai Fatt (“Toh”) for insider trading, a breach under section 188(2) of the Capital Markets and Services Act 2007 (CMSA).

The SC sought, among others, the following:

• A declaration that Toh had contravened section 188(2)(a) of the CMSA when he acquired HPI shares while in possession of material, non-public information relating to the acquisition of HPI by Oji Paper Co Ltd;
• An order that Toh pays to the SC a sum of RM2,363,122.50 which is equal to three (3) times the profit made by Toh;
• An order that Toh pays to the SC a civil penalty of RM1,000,000.00;
• An order that Toh be removed of chief executive, directorship and management positions in any public listed companies (“PLCs“) in Malaysia;
• An order that Toh be barred from being appointed as a chief executive or director and from being involved in the management, directly or indirectly of any PLC for a period of five (5) years from the date of judgment;
• An order that Toh be restrained from trading in any securities on Bursa Malaysia for a period of five (5) years from the date of judgment;
• Interest; and
• Costs.

• Tan Swee Hock
• Chan Sze Yeng
• Cheng Seng Chow

On 22 July 2021, a civil action was initiated against Tan Swee Hock, Chan Sze Yeng and Cheng Seng Chow (“the Defendants”) for breach of section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA).

In respect of the acquisition of Transocean Holdings Bhd. (“THB”) shares by the Defendants, the SC sought, among others, the following:

• a declaration that there is a breach of Section 188(2)(a) of the CMSA as admitted by the Defendants;
• an Order that the Defendants jointly and severally pay the sum of RM755,718.00;
• an Order that Tan Swee Hock pays the civil penalty of RM200,000.00;
• an Order that Chan Sze Yeng and Cheng Seng Chow pay the civil penalty of RM100,000.00 each;
• an Order that the Defendants pay costs of RM50,000.00 each;
• an Order that the Defendants be barred from becoming a Chief Executive Officer or Director of any public listed company and/ or any subsidiary of a public listed company, for a period of five (5) years from the date of this Order;
• an Order that the Defendants be barred from being involved in the management of any public listed company and/ or any subsidiary of a public listed, whether directly or indirectly, for a period of five (5) years from the date of this Order;
• an injunction to restrain each of the Defendant, whether by himself, his agent or otherwise howsoever, from trading in any counter on Bursa Malaysia for a period of five (5) years from the date of this Order;
• an Order that the Defendants jointly and severally pay interest at the rate of 5% per annum on the judgment sum from the date of judgment to full realisation thereof.

On 9 April 2021, a civil action was filed against Ewe Lay Peng for breaches of the insider trading provisions under the Capital Markets and Services Act 2007 (CMSA) in respect of the takeover of PacificMas Berhad by OCBC Capital (Malaysia) Sdn Bhd.

The SC sought from Ewe Lay Peng among others, the following:

• A declaration that Ewe Lay Peng had contravened s188(2)(b) of the CMSA;
• An order that Ewe Lay Peng pay the SC RM33,147.00;
• An order that Ewe Lay Peng pay RM350,000 in civil penalty;
• Costs of RM30,000; and
• Interest.

On 24 May 2021, the Kuala Lumpur Sessions Court recorded a consent judgment between the SC and Ewe Lay Peng and ordered among others:

• A declaration that Ewe Lay Peng had contravened s188(2)(b) of the CMSA;
• An order that Ewe Lay Peng pay the SC RM33,147.00;
• An order that Ewe Lay Peng pay RM350,000 in civil penalty;
• Costs of RM20,000; and
• Interest.

Chang Kee Soon

On 10 June 2020, a civil action was initiated against Chang Kee Soon for breach of section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA).
In respect of the acquisition of HPI Resources Berhad (HPI) shares by Chang Kee Soon, the SC sought, among others, the following:

• A declaration that Chang Kee Soon has contravened section 188(2) of the CMSA;
• Payment of the sum of RM1,198,702.83 which is equivalent to three (3) times the amount of RM399,567.61 being the difference between the price at which the said shares were acquired and the price at which the said shares would have been likely to have been acquired at the time of the trading if the Inside Information had been generally available;
• A civil penalty of RM1,000,000.00;
• An order that Chang Kee Soon be removed of directorship and management positions in any public listed companies in Malaysia;
• An order that Chang Kee Soon be barred from being a chief executive or director from being involved in the management, directly or indirectly of any public listed company in Malaysia for a period of 5 years from the date of judgment;
• An order that Chang Kee Soon be restrained from trading in any securities on Bursa Malaysia for a period of 5 years from the date of judgment.
• Interest; and
• Costs.

On 5 May 2021, the High Court recorded a consent judgment between the SC and Chang Kee Soon and ordered among others:

• A declaration that Chang Kee Soon breached s188(2)(a) of the CMSA;
• An order that Chang Kee Soon pay the SC RM1,198,702.83 in 12 monthly instalments with 5% interest rate per annum;
• An order that Chang Kee Soon pays RM150,000 in civil penalty;
• that Chang Kee Soon be restrained from trading in any counter on Bursa Malaysia for a period of three (3) years from the date so ordered by the court; and
• Costs.

On 26 March 2021, a civil action was filed against 3 individuals for breaches of the insider trading provisions under the Capital Markets and Services Act 2007 (CMSA) in respect of the acquisition of M3Nergy Berhad (M3). The SC sought from Dato’ Lim Kim Chuan (KC Lim), Tay Hup Choon (Tay HC) and Theng Boon Cheng (Theng BC)  among others, the following:

• A declaration that Lim Kim Chuan breached s188 of the CMSA;
• A declaration that Tay Hup Choon and Theng Boon Cheng breached s188(2)(a) of the CMSA;
• An order that KC Lim, Tay HC and Theng BC jointly and severally pay the SC RM383,173.59;
• An order that KC Lim pays RM1,000,000 in civil penalty;
• An order that Tay HC & Theng BC pays RM300,000 in civil penalty respectively;
• An order that KC Lim, Tay HC and Theng BC barred from becoming a Chief Executive Officer or Director in any public listed company and/or subsidiary of any public listed company for a period of 8 years;
• An order that KC Lim, Tay HC and Theng BC barred from being involved in the management in any public listed company and/or subsidiary of any public listed company for a period of 8 years;
• Injunction to restrain KC Lim, Tay HC and Theng BC or their agents from trading in any counter on Bursa Malaysia for a period of 8 years;
• Costs of RM50,000 each; and
• Interest.

On 28 April 2021, the High Court recorded a Consent Judgment between the SC and KC Lim, Tay HC & Theng BC granting the orders which were sought by the SC.

Additionally the High Court allowed KC Lim, Tay HC and Theng BC to pay the entire sum in 1 lump sum payment within 7 days after the entering of the Consent Judgment.

Previously, KC Lim, Tay HC and Theng BC faced criminal charges relating to the same transactions. The criminal charges against all 3 Accused persons were discontinued upon the instructions of the Attorney General on 26 July 2021 following the entering of this Consent Judgment.

The details of the criminal enforcement action can be found here:
https://www.sc.com.my/regulation/enforcement/actions/criminal-prosecution/updates-on-criminal-prosecution-in-2020

• Breach of the Guideline on Compliance Function for Fund Managers.
  [Section 360 CMSA]
• Fraudulently inducing persons to deal in securities.
  [Section 87 (1) of the SIA and Section 178(1) of the CMSA]
• Carrying out a regulated activity without a licence.
  [Section 15A SIA/Section 58 CMSA and Section 15B SIA and Section 59 of the CMSA]

• RBTR Asset Management Bhd (RBTR)
• Locke Guaranty Trust Limited, New Zealand (LGT)
•  Locke Capital Investments Ltd, British Virgin Island (LCI)
• Al Alim bin Mohd Ibrahim
• Valentine Khoo
• Isaac Paul Ratnam
• Nicholas Chan Weng Sung
• Joseph Lee Chee Hock

On 23 January 2013, the SC filed a civil action against RBTR Asset Management Bhd (RBTR) and seven other defendants for various breaches of the securities laws. The SC is seeking, among others:

• An order that the defendants make restitution of RM13.35mil to the Euro Deposit Investment (EDI) scheme investors who had not been repaid their investments;
• An order that the defendants' assets be traced and paid over to the SC for purposes of compensating the EDI scheme investors;
• An order that two of the defendants, Al Alim bin Mohd Ibrahim (Al Alim) and Valentine Khoo be barred from being a director of any public listed company for a period of 10 years;

At the material time, Al Alim and Valentine Khoo were directors of RBTR and holders of the SC's Fund Manager's Representative Licence.

On 30 March 2021, the Kuala Lumpur High Court declared in favour of the SC against RBTR Asset Management Berhad (RBTR), Locke Guaranty Trust Limited (LGT), Locke Capital Investments (BVI) Ltd (LCI), Isaac Paul Ratnam, Nicholas Chan Weng Sung & Joseph Lee Chee Hock. The High made the following orders:

• Allowed the Plaintiff's claim only in respect of RBTR to make restitution to satisfy losses of all the EDI Scheme Investors have not been repaid pursuant to sections 354(9) and/or s360(1)(M) of the CMSA; 
• Declared that RBTR acted in breach of its obligations as a holder of a fund manager licence and/or under the fund manager guidelines
• Declared that all assets and properties of RBTR belong to EDI Scheme investors
• Declared to lift the corporate veil, all assets and properties of LGT and LCI are lifted
• Declared that all assets and properties of Isaac, Joseph and Nicholas belong to the EDI Scheme Investors
• Order that all assets and properties of each Defendants (RBTR, LGT, LCI, Isaac, Joseph & Nicholas) be traced and thereafter paid to the SC for the purpose of compensating the EDI scheme investors by way of restitution or otherwise 
• Interest
• That Isaac Paul Ratnam, Nicholas Chan Weng Sung and Joseph Lee Chee Hock to pay cost of RM350,000 to the SC.