Securities Commission Malaysia wins insider trading case against former founder of WCT Bhd

The High Court today informed that it has 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.

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