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SC wins Insider Trading Case against Former Founder of WCT Bhd

Ibrahim Sani
Ibrahim Sani
24/01/2018
11:19 MYT
SC wins Insider Trading Case against Former Founder of WCT Bhd
SC and WCT has been in a legal tussle for years
The High Court today found that the Securities Commission Malaysia (SC) had successfully proven an insider trading case against Chan Soon Huat, a former founder and director of WCT Bhd (WCT).
In the suit that was filed in 2015, the SC claimed that Chan had breached section 188(2)(a) of the Capital Markets & Services Act 2007 when he disposed a total of 2,414,600 shares and 1,236,700 warrants in WCT between 30 December 2008 and 5 January 2009 while in possession of material non-public information.
Justice Dato’ Abu Bakar Jais ordered Chan to pay a sum totalling RM3,238,760.55, three times the losses avoided by Chan as a result of the insider trading. In addition, the High Court ordered Chan to pay a civil penalty of RM500,000 to the SC.
Related Topics
#Abu Bakar Jais
#Chan Soon Huat
#SC
#Securities Commission
#WCT
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