SC Wins Insider Trading Civil Case

Former PKNP and Perak Corp CEO Ordered to Pay a Total of RM3.56 million


Kuala Lumpur, 13 February 2024

The High Court today ruled that the Securities Commission Malaysia (SC) had successfully proven its claim in an insider trading civil suit filed in 2021 against Dato’ Aminuddin Bin Md Desa, former Chief Executive Officer of Perbadanan Kemajuan Negeri Perak (PKNP) and Perak Corporation Bhd (PCB).

High Court Judge Wan Muhammad Amin bin Wan Yahya ordered Dato’ Aminuddin to pay the SC RM2.46 million, which is three times the profits gained as a result of the insider trading breach.

Dato’ Aminuddin is also required to pay to the SC a civil penalty of RM1 million and costs of RM100,000.

Dato’ Aminuddin had breached section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA) by acquiring 1,412,700 PCB shares between October 2013 and January 2014 while in possession of inside information. The inside information was on PKNP's proposed privatisation of PCB.

In addition to the above, the High Court ordered Dato’ Aminuddin to be barred from being appointed as a CEO or director or being involved in the management of a public listed company (PLC) and/or a subsidiary of a PLC, for five years beginning from the court judgment on 13 February 2024.

He was also barred from trading in any securities on Bursa Malaysia for five years beginning from the court judgment on 13 February 2024.

Insider trading is a serious misconduct in the capital market. The continuous enforcement by the SC demonstrates its commitment to address misconduct that abuses the integrity of the capital markets.


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