{"id":16872,"date":"2023-04-15T14:44:00","date_gmt":"2023-04-15T06:44:00","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=16872"},"modified":"2023-04-15T14:44:01","modified_gmt":"2023-04-15T06:44:01","slug":"sc-wins-insider-trading-civil-suit-md-to-pay-rm2-71-mln","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=16872","title":{"rendered":"SC WINS INSIDER TRADING CIVIL SUIT, MD TO PAY RM2.71 MLN"},"content":{"rendered":"\n

KUALA LUMPUR, April 15<\/strong> — The Securities Commission Malaysia (SC) has won an insider trading civil suit against Ban Seng Plastic Industries & Assembly Sdn Bhd\u2019s\u00a0managing director Toh Kai Fatt, who was ordered to pay the SC a total of RM2.71 million.<\/p>\n\n\n\n

The SC said the High Court had on April 13, 2023, found that the commission had successfully proven its claim of insider trading against Toh.<\/p>\n\n\n\n

“Justice Ong Chee Kwan ordered Toh to pay the SC RM2.36 million, the amount equal to three times the profits gained as a result of the insider trading,” it said in a statement.<\/p>\n\n\n

\n
\"insider<\/figure><\/div>\n\n\n

Toh, 52,  is also required to pay a civil penalty of RM250,000 and a cost of RM100,000 to the SC.<\/p>\n\n\n\n

The High Court found that Toh had breached section 188(2)(a) of the Capital Markets and Services Act 2007, the SC said. The suit was filed in 2021.<\/p>\n\n\n\n

In addition to this, Toh is barred from being appointed as a director of a public listed company and also restrained from trading in any securities on Bursa Malaysia for a period of five years beginning from the court judgment on April 13, 2023.<\/p>\n\n\n\n

The breach occurred when Toh acquired 974,000 shares of HPI Resources Bhd (HPI) between March and June 2011, while in possession of material non-public information. <\/p>\n\n\n\n

The said information was in relation to Oji Paper Co. Ltd’s proposed acquisition of HPI.<\/p>\n\n\n\n

“Insider trading is a major concern, and the SC will continue to monitor and take action against any suspicious conduct to protect the integrity of the capital market,” the SC added. <\/p>\n\n\n\n

\u201cThe judgment sends a strong and clear message to the public that insider trading is a serious offence and that using inside information for personal gain will not be  tolerated,\u201d it said.<\/p>\n\n\n\n

NMT<\/a> as reported by BERNAMA<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

KUALA LUMPUR, April 15 — The Securities Commission Malaysia (SC) has won an insider trading…<\/p>\n","protected":false},"author":1,"featured_media":16873,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10893,21],"tags":[],"class_list":["post-16872","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-courts","category-crime"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM.png",1156,736,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM-150x150.png",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM-300x191.png",300,191,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM-768x489.png",640,408,true],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM-1024x652.png",640,408,true],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM.png",1156,736,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM.png",1156,736,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM.png",1156,736,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM.png",1024,652,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2023\/04\/Screenshot-2023-04-15-at-2.42.21-PM.png",720,458,false]},"author_info":{"info":["Editor"]},"category_info":"Courts<\/a> Crime<\/a>","tag_info":"Crime","comment_count":"0","_links":{"self":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/16872","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16872"}],"version-history":[{"count":1,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/16872\/revisions"}],"predecessor-version":[{"id":16874,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/16872\/revisions\/16874"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/media\/16873"}],"wp:attachment":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16872"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}