5 Sept 2022
XXXX XXXX
- Citation
- W-01(NCC)(W)-599-11/2020 (Mahkamah Rayuan)
- Court
- NCC
- Case number
- W-01(NCC)(W)-599-11/2020 (Mahkamah Rayuan)
Court held that (1) AG consent is not required to commence a civil action under SIA s90A(5); (2) on the balance of probabilities appellant possessed information that was not generally available and was price-sensitive and thus was an insider; (3) appellant acquired shares in the prohibited period and therefore committed the prohibited conduct under s89E(2); (4) proof of 'improper use' is not required given legislative redefinition; High Court orders (3x disgorgement RM1,989,402, civil penalty RM1,000,000, 10-year director disqualification, interest and costs) were upheld and appeal dismissed.