KUALA LUMPUR, May 25 ― The Malaysian Anti-Corruption Commission (MACC) announced today it was cooperating with the National Chamber of Commerce and Industry of Malaysia (NCCIM) to fight graft, the same day the Securities Commission (SC) named NCCIM’s president as one of seven it was suing for insider trading.

The MACC said it has established a "network of cooperation” with NCCIM to fight corruption and also abuse of power, following a meeting between top officials from both the agency and the chambers.

"Businessmen play an important role in spurring our economic growth. The cooperation can help increase business activities and strengthen economic stability,” MACC said in a statement.

The chambers’ representatives were led by its president, Datuk Ter Leong Yap, who is also founder and executive chairman of Sunsuria Berhad, a property developer that is reportedly planning to launch projects with a total gross development value of RM1.55 billion this year.

However, SC announced today that it has filed a civil suit at the Kuala Lumpur High Court on May 18 against Ter and six others for insider trading involving the shares of Worldwide Holdings Bhd ― a company engaged in property environmental services, investment holding and medical device manufacturing businesses ― between 2006 and 2007.

SC claimed that Ter played a role in disclosing material non-public information regarding the proposed privatisation of Worldwide by Selangor state development agency Selangor State Development Corporation (PKNS), which is in breach of the Securities Industry Act 1983.

Also named in the suit was former PKNS deputy general manager Datin Low Siew Moi.

SC is seeking three times the profit earned by the defendants as a result of insider trading and a civil penalty of RM1 million from each defendant.