• Use of scheme to defraud or to engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person in connection with the subscription, purchase or sale of any securities [Section 179 of the Capital Markets and Services Act (CMSA)]
• Causing wrongful loss to a listed corporation [Section 317A of CMSA]
• Attempts, abetments, conspiracies [Section 370 of CMSA]

• Tey Por Yee (Tey)
• Lim Chye Guan (Lim)
• See Poh Yee (See)
• Francis Tan Hock Leong (Francis)
• Faizatul Ikmi binti Abdul Razak (Faizatul)

(collectively known as “the Defendants”)

On 29 November 2022, the SC filed a civil suit against the Defendants for breaches under sections 179, 317A and 370 of the CMSA.

The SC is seeking, among others: -

• A declaration that the Defendants contravened sections 179, 317A and 370 of the CMSA;
• An order that the Defendants pay the SC disgorgement of all proceeds obtained in contravention of sections 179, 317A and 370 of the CMSA pursuant to sections 200 and 360 of the same Act;
• An order that the Defendants pay the SC a civil penalty of RM1 million each or such amount as considered appropriate by the Court, in accordance with section 200(2) of the CMSA;
• An order that the Defendants be barred from being directors of any public listed company for a period of ten years;
• An order that the Defendants be barred from trading on any stock exchange or derivatives exchange for a period of ten years;
• Interest; and
• Costs

On 19 August 2026, after a full trial, the Kuala Lumpur High Court declared that the SC had successfully proven its claim against the Defendants. The High Court granted the reliefs sought by the SC as follows, among others:

• A declaration that Tey, Lim, Francis and See had contravened sections 179(a), 179(b) and 317A of the CMSA, while Faizatul had contravened sections 179(a), 179(b), 370(b) and 370(c) of the CMSA;
• The Defendants shall jointly and severally pay the SC a total of RM100,600,000;
• Civil penalty of RM1,000,000 against Tey, RM600,000 against Lim and RM350,000 each against See, Francis and Faizatul;
• The Defendants are barred from being a director of, or directly or indirectly being concerned or taking part in the management of any public company for a period of 10 years from the date of the judgment;
• The Defendants shall jointly and severally pay the SC costs of RM500,000;
• Interest at the rate of 5% per annum on the judgment sum from the date of judgment to full realisation;
• Until the sums payable by the Defendants are paid in full, the Defendants are restrained from dealing with their assets, up to the value of the unpaid sums; and
• An account and inquiry of all other profits gained by the Defendants as a result of the contraventions, which will be payable to the SC.

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/sc-wins-suit-against-tey-por-yee-and-four-other-defendants-for-scheme-to-defraud-and-causing-wrongful-loss-to-four-public-listed-companies  

Insider trading

• Goh Chin Liong (Goh)
• Leong Ah Chai (Leong)

On 26 May 2015, a civil action was initiated against Goh and Leong for breach of section 188(2) and section 188(3) of the Capital Markets and Services Act 2007 (CMSA).

The contravention was in relation to the communication of material non-public information and trading in WCT Berhad (WCT) shares while in possession of the said information.

The SC sought, among others, the following:

• A declaration that Goh had breached section 188(2)(b) and/or section 188(3)(a) of the CMSA. Goh communicated material non-public information to Leong who had thereafter disposed of a total of 1,640,000 WCT Berhad shares in Ara Holdings’ trading account between 2 and 5 January 2009;
• A declaration that Leong had breached section 188(2)(a) or section 188(2)(b) of the CMSA. Leong had disposed of the said WCT Berhad shares between 2 and 5 January 2009 while in possession of material non-public information;
• Goh and Leong each pay the sum of RM2,542,184.70, which is equivalent to three (3) times the amount of the loss avoided, i.e., RM847,394.90;
• A civil penalty of RM1,000,000;
• An order that Goh and Leong be barred from being a director of any public listed company for a period of 5 years;
• Interest; and
• Costs.

On 22 December 2022, after a full trial, the Kuala Lumpur High Court declared that the SC had successfully proven its claim against Goh and Leong. The High Court granted the reliefs sought by the SC as follows:

Goh

• A declaration that Goh had breached section 188(2)(b) and/or section 188(3)(a) of the CMSA;
• A payment of the sum of RM2,542,184.70 being an amount equal to three (3) times the losses avoided;
• Civil penalty of RM300,000;
• Interest at the rate of 5% per annum on the judgment sum from the date of judgment to full realisation; and
• Costs of RM75,000.

Leong

• A declaration that Leong had breached section 188(2)(a) or section 188(2)(b) of the CMSA;
• A payment of the sum of RM2,542,184.70 being an amount equal to three (3) times the losses avoided;
• Civil penalty of RM300,000;
• Interest at the rate of 5% per annum on the judgment sum from the date of judgment to full realisation; and
• Costs of RM75,000.

Collectively referred to as the judgment sum.

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/sc-wins-insider-trading-civil-suit-against-former-deputy-md-of-wct-bhd-and-director-of-ara-holdings-sdn-bhd

On 19 January 2023, Goh and Leong each filed an appeal to the Court of Appeal against the High Court’s decision. They also applied for a stay of execution of the judgment but this was dismissed by the High Court on 23 October 2023.

Both Defendants subsequently applied for a stay of execution at the Court of Appeal. The Court of Appeal however dismissed their respective applications on 14 May 2024.

On 21 July 2025, the SC commenced garnishee proceedings against both Defendants to recover the judgment sum. The High Court Registrar (Registrar) initially granted the garnishee order nisi on 26 August 2025, however the order was subsequently set aside by the Registrar on 17 December 2025 following the Defendants’ applications.

The SC then appealed against the Registrar’s decision.

On 26 May 2026, the High Court allowed the SC’s appeal and ordered that the garnishee order nisi granted by the Registrar on 26 August 2025 be made absolute, allowing the SC to enforce recovery of the RM5.83 million judgment sum arising from the insider trading breaches by Goh and Leong.

The High Court also ordered Goh and Leong to each pay costs of RM5,000 to the SC.

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/sc-wins-appeal-to-reinstate-garnishee-order-against-former-deputy-md-of-wct-and-director-of-ara-holdings-found-liable-for-insider-trading-in-2022

On 14 July 2026, the Court of Appeal unanimously dismissed both the Defendants’ appeals and upheld the High Court’s decision. The Court of Appeal also awarded costs of RM100,000 to the SC in respect of each appeal.

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-upholds-insider-trading-civil-judgment-against-former-wct-deputy-md-and-another-defendant

Insider trading

Dato' Ng Back Heang (Dato’ Ng)

On 9 April 2020, a civil action was initiated against Dato' Ng for breach of section 188(2) of the Capital Markets and Services Act 2007 (CMSA).
This was in relation to the disposal of 16,500,000 Patimas Computers Berhad (Patimas) shares held in his account, between May and July 2012.
The SC sought, among others, the following:

• A declaration that Dato' Ng has contravened section 188(2) 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 RM1,237,500 which is equivalent to three (3) times the amount of the loss avoided , i.e., RM412,500;
• A civil penalty of RM1,000,000;
• An order that Dato' Ng be barred from being a director of any public listed company for a period of 5 years;
• Interest; and
• Costs.

 On 16 November 2022, after a full trial, the Kuala Lumpur High Court declared that the SC had successfully proven its claim against Dato’ Ng. The High Court granted the reliefs sought by the SC as follows:

• A declaration that Dato’ Ng has contravened Section 188(2)(a) of the CMSA;
• A payment of the sum of RM1,237,500 being an amount equal to three (3) times the losses avoided;
• Civil penalty of RM700,000;
• An order that Dato’ Ng be barred from being a director of any public listed company for a period of 5 years starting from 16 November 2022;
• Interest at the rate of 5% per annum on the judgment 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/sc-wins-insider-trading-civil-suit-against-patimas-computers-berhad-former-executive-director

On 13 December 2022, Dato’ Ng filed an appeal to the Court of Appeal against the High Court’s decision.

On 2 September 2025, the Court of Appeal unanimously dismissed Dato’ Ng’s appeal and upheld the High Court’s decision. The COA awarded 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-sc-in-insider-trading-civil-appeal

On 1 October 2025, Dato’ Ng filed a leave application to appeal to the Federal Court.

On 2 July 2026, the Federal Court unanimously dismissed Dato’ Ng’s leave application to appeal and awarded costs of RM50,000 to the SC.

The SC’s press release following the decision of the Federal Court can be found at the following link: https://www.sc.com.my/resources/media/media-release/federal-court-rules-in-scs-favour-leave-application-of-former-patimas-executive-director-in-insider-trading-civil-appeal-dismissed.