16 Nov 2022
Suruhanjaya Sekuriti Malaysia Ng Back Heang
- Citation
- WA-22NCC-162-04/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-22NCC-162-04/2020 (Mahkamah Tinggi)
The court found on the balance of probabilities that the Defendant attended and was present throughout the 24.5.2012 meeting where auditors raised audit queries (inside information) that were not generally available, that the Defendant knew or ought to have known they were not generally available, that the information was material (corroborated by a 55% share price collapse after public announcement), and that the Defendant disposed of shares after possessing that information; accordingly the Defendant contravened s188(2)(a) CMSA and the Plaintiff was entitled to treble avoided losses (RM1,23…