Civil Action in 2024
No. Nature of Offence Defendant(s) Brief Facts of the Case Outcome
Outcome of Civil Action Taken
1.

Insider Trading

 

Dato’ Aminuddin Bin Md Desa (Amin)

On 31 December 2021, a civil action was filed against Dato’ Aminuddin Bin Md Desa (“Amin”) 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 Amin had contravened section 188(2)(a) of the CMSA when he jointly acquired shares of Perak Corp Berhad (“PCB”) while in possession of material, non-public information relating to the privatisation of PCB by way of selective capital reduction and repayment exercise.
  • An order that Amin pays to the SC a sum of RM2,466,229.20 which is equal to three (3) times the profit made by Amin;
  • An order that Amin pays to the SC a civil penalty of RM1,000,000.00.
  • An order that Amin 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 judgment;
  • An order that Amin 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 judgment; and
  • An order that Amin 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.

On 13 February 2024, after a full trial, the Kuala Lumpur High Court declared that the SC had successfully proven its claim against Amin. The High Court granted the reliefs sought by the SC as follows :

  • A declaration that Amin had  breached section 188(2)(a) of the CMSA.
  • A payment of the sum of RM2,466,229.20 which is equal to three (3) times the profit made by Amin;
  • Civil penalty of RM1,000,000.00;
  • An Order that Amin is 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 13 February 2024;
  • An Order that Amin is 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 13 February 2024; and
  • An Order that Amin is restrained from trading in any securities on Bursa Malaysia for a period of five (5) years from  13 February 2024;
  • Interest at the rate of 5% per annum on the judgment sums above from the date of judgment until full realisation thereof; and
  • Costs of RM100,000.00.


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