KUALA LUMPUR: The Court docket of Attraction on Thursday dominated in favor of the Securities Fee (SC) and upheld the choice of the Excessive Court docket in 2019 that former deputy managing director of Stone Grasp Corp Bhd Datin Chan Chui Mei had breached securities legal guidelines.
Justices Datuk Lee Swee Seng, Datuk Hadhariah Syed Ismail and Datuk Gunalan Muniandy said that the court docket didn’t discover any error within the findings of the Excessive Court docket decide, the SC stated in a press release.
In 2019, the Excessive Court docket discovered that Chan had brought on wrongful loss to Stone Grasp, in breach of part 317A of the Capital Markets and Companies Act 2007.
She was ordered to pay RM11.54mil and a civil penalty of RM1mil to the SC.
Through the trial, it was established that Stone Grasp had paid a number of native representatives of a number of international firms non-refundable deposits amounting to RM11.59mil.
Proof confirmed that RM11.54mil of the deposits have been transferred into Chan’s private financial institution accounts.
On Sept 28, 2016, the SC had obtained an interim injunction to restrain her from coping with monies in her private financial institution accounts as much as the worth of RM11.54mil.