PETALING JAYA: The Court of Appeal has upheld a High Court ruling that former WCT Bhd deputy managing director Goh Chin Liong and Ara Holdings Sdn Bhd director Leong Ah Chai are liable for insider trading.
In a statement, the Securities Commission Malaysia (SC) said the appellate court unanimously dismissed appeals by Goh and Leong, affirming a 2022 judgment awarding the regulator some RM5.83 million.
The court also upheld an order requiring both men to each pay RM2.54 million in disgorgement of losses avoided, a RM300,000 civil penalty and RM75,000 in costs to the SC.
It also ordered them to pay appeal costs of RM100,000 each.
The SC filed a civil suit against Goh and Leong in 2015, claiming that Goh had shared material non-public information with Leong regarding the cancellation of the Nad Al Sheba Dubai racecourse contract in Dubai.
The project was initially awarded to a joint-venture company set up by WCT and One Arabtec Construction LLC.
Leong then disposed of 1.64 million WCT shares in Ara Holdings’ trading account between Jan 2 and Jan 5, 2009.
The SC was represented by its officers Ng Chian Huey and Adibah Saiful Bahri, as well as external counsel Benjamin John Dawson, Eileen Othman and Tan Hui Ru.
Jasbeer Singh acted for Goh and Leong.
