• 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.

The SC’s press release following the decision of the High Court can be found at the following link : https://www.sc.com.my/resources/media/media-release/former-deputy-chairman-of-patimas-computers-bhd-found-liable-for-insider-trading-by-high-court

On 27 November 2024, the Court of Appeal unanimously dismissed Dato’ Raymond Yap’s appeal, upheld the High Court’s findings, and awarded further costs of RM30,000 to the SC.

The SC’s press release following the decision of the Court of Appeal can be found at the following link : https://www.sc.com.my/resources/media/media-release/court-of-appeal-rules-in-favour-of-the-sc-in-insider-trading-appeal

On 5 July 2024, the SC filed a civil suit against Chan for breaches under sections 188(3)(a) and/or 188(2)(b) of the Capital Markets and Services Act 2007 (CMSA).  The SC is seeking, among others:

• A declaration that Chan contravened section 188(3)(a) and/or 188(2)(b) of the CMSA when he communicated inside information to one Dato’ Lim Thiam Huat (“Lim”) and/or procured Lim, who thereafter acquired a total of 19,500,000 Naim Indah Corporation Berhad (NICORP) shares on 3 February 2012 and 8 February 2012;
• A sum of RM25,447,500.00, equivalent to three times the sum of RM8,482,500, being the difference between the price at which the NICORP shares were acquired by Lim and the price at which the NICORP shares would have been likely to have been acquired at the time of the acquisition, if the inside information had been generally available;
• Civil penalty of RM1,000,000.00;
• An order that Chan be barred from being appointed as a chief executive or director and from being involved in the management, directly or indirectly, of any public-listed company for a period of five years;
• An order that Chan be restrained from dealing in any securities or derivatives on Bursa Malaysia for a period of five years;
• Interest; and
• Costs.

• False trading and market rigging (s.175 (1) CMSA)
• Stock market manipulation (s.176(1) CMSA)

Dato’ Dr Yu Kuan Chon (Yu)

On 24 June 2024, the SC filed a civil suit against Yu for breaches under sections 175(1) and 176(1) of the Capital Markets and Services Act 2007 (“CMSA”).  The SC is seeking, among others:

• A declaration that Yu has breached sections 175(1) and/or 176(1) of the CMSA;
• An order that Yu pays the sum of RM26,572,397.70, being three (3) times the amount of pecuniary gain of RM8,857,465.90 made by him as a result of the breaches;
• An order that Yu pays a civil penalty in the amount of RM1,000,000.00;
• An order that Yu be restrained from trading in securities on any stock exchange in Malaysia for a period of five (5) years;
• An order that Yu be barred from becoming a chief executive or director, or being involved in the management, directly or indirectly, of any public company or any subsidiary of a public company in Malaysia for a period of five (5) years;
• Costs; and
• Interest.

• Datuk Lim Kok Boon (“Lim”)
• Cheah Mean Har (“Cheah”)

On 28 September 2017, the SC filed a civil suit against Lim Kok Boon and Cheah Mean Har for insider trading, breaches under section 188 of the Capital Markets and Services Act 2007 (“CMSA”). The SC sought, among others:

• A declaration that Lim had contravened section 188(3)(a) of the CMSA when he communicated material non-public information to Cheah who had thereafter acquired a total of 350,000 GW Plastics Holdings Bhd shares on 25 September 2012 and 27 September 2012;
• A declaration that Cheah had contravened section 188(2)(a) of the CMSA when she acquired a total of 350,000 GW Plastics Holdings Bhd shares on 25 September 2012 and 27 September 2012 ;
• A payment of the sum of RM142,500.00 by Lim and Cheah respectively, which is equivalent to three times the amount of RM47,500.00 being the difference between the price at which the shares had been acquired by Cheah and the price at which the shares would have been likely to have been acquired at the time of the acquisition, if the Inside Information had been generally available;
• An order that Lim be barred from being a director of any public listed company for a period of 5 years;
• A civil penalty of RM1,000,000 against Lim and Cheah;
• Interest; and
• Costs.
  

On 22 April 2024, after a full trial, the Kuala Lumpur High Court declared that the SC had successfully proven its claim against Lim and Cheah. The High Court granted the reliefs sought by the SC as follows:

Lim

• A declaration that Lim had breached section 188(3)(a) of the CMSA;
• A payment of the sum of RM142,500.00 which is equal to three (3) times the profit made by Cheah;
• Civil penalty of RM1,000,000.00;
• An Order that Lim is barred from becoming a director of any public listed company for a period of five (5) years from 22 April 2024;
• Interest at the rate of 5% per annum on the judgment sum from the date of judgment until full realisation thereof; and
• Costs of RM200,000.00.

Cheah

• A declaration that Cheah had breached section 188(2)(a) of the CMSA;
• A payment of the sum of RM142,500.00 which is equal to three (3) times the profit made by Cheah;
• Civil penalty of RM500,000.00;
• Interest at the rate of 5% per annum on the judgment sum from the date of judgment until full realisation thereof; and
• Costs of RM30,000.00.

Insider Trading

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.