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.