KUALA LUMPUR, June 2 — The Securities Commission Malaysia (SC) recently filed a suit against three individuals namely Chan Soon Huat, Goh Ching Liong and Leong Ah Chai for insider trading in the shares of WCT Bhd.
The SC filed the action against Goh and Leong on May 26, 2015 while the action against Chan was filed on May 27, 2015, the commission said in a statement today.
In the filings, the SC alleged that Chan had, in breach of section 188(2) of the Capital Markets and Services Act 2007 (CMSA), disposed a total of 2.41 million shares and 1.24 million warrants in WCT between Dec 30, 2008 and Jan 5, 2009 while in possession of material non-public information.
“Chan is said to have disposed the WCT shares and warrants through his own account and also the account of his daughter, Chan Choon Chew and his son-in-law, Leong Weng Wah,” it said.
The SC also alleged that Leong had, in breach of section 188(2) of the CMSA, disposed 1.64 million units of WCT shares between Jan 2 and Jan 5, 2009 while in possession of material non-public information.
Goh, who is the deputy managing director of WCT is alleged to have communicated the material non-public information, in breach of section 188(3) of the CMSA, to Leong, who had disposed of the shares.
The SC is seeking a disgorgement of three times the profits earned by the defendants as a result of the insider trading.
The commission is also claiming a civil penalty of RM1 million from each of the three defendants and that the defendants be barred from being a director of a public listed company. — Bernama
