8 Apr 2025
XXXX XXXX AMICUS CURIE Jabatan Peguam Negara
- Citation
- 01(f)-17-05/2024(W) (Mahkamah Persekutuan)
- Court
- f
- Case number
- 01(f)-17-05/2024(W) (Mahkamah Persekutuan)
The Federal Court held that s.89E does not create strict liability but requires the mental element that the insider knew or ought reasonably to have known the information was not generally available; it does not require proof of an intention to use the information; materiality is assessed objectively from a reasonable investor's perspective and may take into account post-acquisition events and conduct; accordingly the appeal was dismissed and the Court of Appeal judgment affirmed.