Civil Action in 2022
No. Nature of Offence Defendant(s) Brief Facts of the Case Outcome
Outcome of Civil Action Taken
1. 
  • Use of manipulative and deceptive devices [Section 179 of CMSA]
  • Causing wrongful loss to a listed corporation [Section 317A of CMSA]
  • Attempt, Abetment & Conspiracy [Section 370 of CMSA]

Datin Chan Chui Mei

On 26 September 2016, the SC filed a civil suit against Datin Chan Chui Mei for breaches under section 179, 317A and 370 of the CMSA.

After a full trial, the High Court had on 17 December 2019 granted the following orders:
  • A declaration that Datin Chan had contravened section 179, 317A and 370 of the CMSA;
  • A declaration that Datin Chan had contravened section 179, 317A and 370 of the CMSA;
  • Datin Chan to pay the SC the sum of RM11.54 million and that this sum be held by the SC on trust for Stone Master;
  • An account and inquiry of the sum of RM11.54 million and all profits earned by Datin Chan of this amount from the time that it was deposited into her personal bank accounts;
  • That all sums awarded and to be paid to the SC by Datin Chan be vested in the SC pursuant to section 360(1) of the CMSA;
  • That Datin Chan be barred from being a director, be involved in the management, whether directly or indirectly, of any public company for a term of 5 years from the date of this judgment;
  • That Datin Chan pays the SC civil penalty of RM1,000,000.00 within 30 days of this judgment
  •  Datin Chan to pay costs of RM150,000 to the SC; and
  • Datin Chan shall pay interest of 5% per annum on all sums awarded to the SC from the date of this judgment until full settlement.


Datin Chan filed an appeal to the Court of Appeal against the decision of the High Court.

On 3 March 2022, the Court of Appeal dismissed Datin Chan’s appeal and affirmed the High Court’s decision.
No. Nature of Offence Offender(s) Brief Facts of the Case Outcome
Outcome of Civil Action Taken
1.  Insider trading

Dato' Raymond Yap Wee Hin (Dato’ Raymond Yap)

On 9 April 2020, a civil action was initiated against Dato' Raymond Yap for breach of section 188(2) of the Capital Markets and Services Act 2007 (CMSA).

This was in relation to the disposal of 43,823,600 Patimas Computers Berhad (Patimas) shares held in Law Siew Ngoh’s account, who was the former Managing Director of Patimas, between June and July 2012. Dato’ Raymond Yap was alleged to be the beneficial owner of the shares as he benefited directly or indirectly from the disposal of the said shares.

The SC sought, among others, the following:

  • A declaration that Dato' Raymond Yap has contravened section 188(2)(a) & (b) of the CMSA whilst in possession of material, non-public information relating to audit queries and issues regarding the suspicious transactions between Patimas and its top debtors;
  • Payment of the sum of RM3,286,770 which is equivalent to three (3) times the amount of the loss avoided, i.e. RM1,095,590 ;
  • A civil penalty of RM1,000,000;
  • An order that Dato' Raymond Yap be barred from being a director of any public listed company for a period of 5 years;
  • Interest; and
  • Costs.

On 7 April 2022, after a full trial, the Kuala Lumpur High Court declared that the SC had successfully proven its claim against Dato’ Raymond Yap. The High Court granted the reliefs sought by the SC as follows:

  • A declaration that Dato Raymond Yap has contravened Section 188(2)(a) & (b) of the CMSA;
  • A payment of the sum of RM3,286,770 being an amount equal to three times the losses avoided;
  • Civil penalty of RM1,000,000;
  • An order that Dato’s Raymond Yap be barred from being a Director of any public listed company for a period of 5 years starting from 7 April 2022;
  • Interest at the rate of 5% per annum on the judgement sum from the date of judgment to the date of full realization; and
  • Costs of RM100,000.
SC AFFILIATES
RELATED SITES
about the SC
The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

General Line: +603-6204 8000
General Email: [email protected]
© Copyright Securities Commission Malaysia.  Contact Us   |    Disclaimer   |   The site is best viewed using Microsoft Edge and Google Chrome with minimum resolution of 1280x1024
Ooops!
Generic Popup