KUALA LUMPUR: The Excessive Court docket has dominated that the Securities Fee (SC) had efficiently confirmed its declare in a civil go well with in opposition to Datuk Raymond Yap Wee Hin, a former deputy chairman of Patimas Computer systems Bhd for insider buying and selling.
In permitting the SC’s declare, Judicial Commissioner Adlin Abdul Majid declared that Yap had breached the related securities legal guidelines and ordered him to pay a sum of RM3.28mil being an quantity equal to a few instances the losses averted by him because of the insider buying and selling .
As well as, Yap was additionally ordered to pay the SC a civil penalty of RM1mil and barred from being a director of any public listed firm for a interval of 5 years beginning April 7, 2022.
The SC was additionally awarded prices of RM100,000.
In a go well with filed in 2020, the SC claimed that Yap had breached part
188(2)(a) and (b) of the Capital Markets and Companies Act 2007 (CMSA) when he disposed of a complete of 43.82 million Patimas shares held by Legislation Siew Ngoh, former managing director of Patimas, from June to July 2012 .
He dedicated this breach while in possession of fabric, personal data referring to audit queries and points concerning the suspicious transactions between Patimas and its prime debtors.
The matter was raised and mentioned by Ernst & Younger (EY) Malaysia, Patimas’ exterior auditor, throughout a gathering with the corporate’s administration, in response to the SC assertion.
The board of administrators of Patimas afterward July 31, 2012 introduced to Bursa Malaysia that Patimas wouldn’t be capable to situation the annual audited monetary statements by July 31, 2012 for the monetary interval from Jan 1, 2011 to March 31, 2012 as a consequence of unresolved important audit findings/queries.