Page 208 - SC Annual Report 2018 (ENG)

Securities
Commission
Malaysia
ANNUAL
REPORT
2018

civil enforcement actions and filing of civil suits, while RM792,944 was disgorged
regulatory settlements in 2018 from 3 individuals by way of regulatory settlements.
The total civil penalty paid in 2018 was RM1.45 million
In 2018, the SC obtained judgment at the High by 15 individuals. Out of this sum, RM950,000 was
Court against 1 individual for insider trading which paid for market manipulation while the remaining
resulted in a disgorgement of RM3,238,760.55. A RM500,000 was paid for insider trading.
total of RM5,227,904.05 was disgorged from 14
individuals by way of settlements following the Further details are set out in Tables 8 and 9.

Table 8
outcome of civil action taken

Nature of
No. Defendants Description Outcome
breach
1. Insider trading Chan Soon Huat On 27 May 2015, the SC filed a On 24 January 2018, after a full
(Chan SH) civil suit against Chan SH, former trial, the High Court declared that
founder of WCT Bhd for insider the SC had successfully proven its
trading. claim against Chan SH. The High
Court ordered Chan SH to pay the
The SC sought, among others: claimed sum of RM3,238,760.55,
a civil penalty of RM500,000 and
• A declaration that Chan costs of RM50,000 to the SC.
SH had engaged in insider
trading in respect of WCT
Bhd securities between 30
December 2008 and 5 January
2009;
• A payment of the sum of
RM3,238,760.55 which is
equivalent to 3 times the
amount of RM1,079,586.85
being the difference between
the price at which the
securities had been disposed
of by Chan SH and the price
at which the securities would
have been likely to have been
disposed of at the time of the
disposal, if the material non-
public information had been
generally available;
• Civil penalty of RM1 million;
• An order that Chan SH be
barred from being a director of
any PLC for a period of 5 years;
• Interest; and
• Costs.

198 | PART 5 »» STATEMENTS, STATiSTiCS ANd ACTiviTiES

NEW_90-222.indd 198 2/21/19 9:30 AM