NEW DELHI (Reuters) - Being on the wrong side of 30 in the brutally demanding sport of badminton, HS Prannoy prefers his matches to be short and sweet.
PETALING JAYA: The Securities Commission has filed a civil suit against Datuk Raymond Chan Boon Siew , for insider trading involving the shares of Naim Indah Corp Bhd , now known asIn a statement, the SC said the suit, filed on July 5, 2024 at the Kuala Lumpur High Court, claimed that Chan communicated inside information to one Datuk Lim Thiam Huat, in breach of section 188 of the Capital Markets and Services Act 2007 .
“The SC also contended that further or in the alternative, Chan had procured Lim to acquire Nicorp shares, in breach of section 188 of the CMSA.The SC said the inside information was in relation to Chan’s intended purchase of Nicorp shares from Crest Energy Sdn Bhd, which was a substantial shareholder of Nicorp at the material time.In its suit, the SC has claimed disgorgement of the theoretical profits amounting to RM25,447,500 and civil penalty of up to RM1mil against Chan.
Additionally, the SC is seeking an order to bar Chan from becoming a chief executive or director, or from being involved in the management of any public company for a period of five years from the date of judgement.Lim, who had acquired Nicorp shares on Feb 3 and 8, 2012, while in possession of the inside information, had entered into a regulatory settlement with the SC on Dec 22, 2023 for a breach of section 188 of the CMSA.
“Insider trading is a serious misconduct in the capital market. The continuous enforcement by the SC demonstrates its commitment to address misconduct and abuses affecting the integrity of the capital markets.”
SC Naim Indah Raymond Chan Boon Siew
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