The decision upholds the Court of Appeal’s unanimous decision on 2 September 2025, which affirmed the High Court’s finding in 2022 that Ng was liable for insider trading of Patimas shares in 2012.

Federal Court Justices Dato’ Seri Vazeer Alam bin Mydin Meera, Tan Sri Ahmad Terrirudin bin Mohd Salleh and Dato’ Mohd Nazlan bin Mohd Ghazali unanimously held that the leave questions posed by Ng in his application have already been answered by the Federal Court in the case of Dato’ Sreesanthan Eliathamby v Securities Commission on 8 April 2025. Hence, the threshold required under section 96(a) of the Courts of Judicature Act 1964 was not met, and the Federal Court dismissed the application. The Federal Court further awarded costs of RM50,000 to the SC.

Previously in 2020, the Securities Commission Malaysia (SC) commenced a civil action against Ng for insider trading breaches under section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA).

The SC alleged that Ng had disposed 16.5 million Patimas shares between May and July 2012 while in possession of material non-public information relating to audit queries on suspicious transactions between Patimas and its top debtors. These matters had been raised by Patimas’ external auditor during a meeting with the company’s management.

Patimas subsequently issued an announcement to Bursa Malaysia on 31 July 2012 that the company would not be able to issue its Annual Audited Financial Statements for the financial period from 1 January 2011 to 31 March 2012 due to unresolved significant audit queries.

Ng was an executive director of Patimas at the material time.

Following a full trial, the High Court on 16 November 2022 found Ng liable for insider trading and ordered him to pay RM2.04 million to the SC. This comprised RM1.24 million in disgorgement of the losses avoided as a result of the insider trading, a civil penalty of RM700,000 and costs of RM100,000. Ng was also barred from being appointed as a director of any public listed company for five years.

The SC was represented by Mohd Hafiz Mohd Yusoff and Eunice Ong, alongside SC’s appointed external counsel Dhinesh Bhaskaran, Serena Isabelle Azizuddin and Wong Jia Jing from Messrs Shearn Delamore. Ng was represented by Dato’ Jasbeer Singh from Messrs Jasbeer, Nur & Lee.