Federal Court Dismisses Leave Application By Ex-Patimas Deputy Chairman In Insider Trading Case
PUTRAJAYA, May 21 (Bernama) – The Federal Court today unanimously dismissed an application by former Patimas Computers Bhd deputy chairman, Datuk Raymond Yap Wee Hin, for leave to appeal against his liability for insider trading offence committed in 2012.
A three-member bench led by Chief Justice Tun Tengku Maimun Tuan Mat, together with Federal Court Judges Datuk Vazeer Alam Mydin Meera and Datuk Lee Swee Seng, affirmed the earlier decisions of the Court of Appeal and High Court.
The court ordered him to pay RM30,000 costs to the Securities Commission (SC).
Yap had sought to challenge the Court of Appeal's unanimous decision on Nov 27, 2024, which upheld the High Court's finding that he was liable for insider trading of Patimas Computers Berhad (Patimas) shares in 2012.
The Securities Commission Malaysia (SC), which initiated the civil suit in 2020, alleged that Yap had breached sections 188(2)(a) and (b) of the Capital Markets and Services Act 2007 (CMSA) by disposing of 43.8 million Patimas shares held by former managing director Law Siew Ngoh, between June and July 2012.
SC claimed that at the time, Yap was in possession of material, non-public information relating to audit queries and issues regarding suspicious transactions between Patimas and its top debtors.
'The matter had been raised and discussed by Patimas' external auditor during a meeting with the company's management,' the Commission said in a statement.
On July 31, 2012, Patimas' Board of Directors announced to Bursa Malaysia that the company would not be able to issue the company's Annual Audited Financial Statements for the financial period from Jan 1, 2011 to March 31, 2012 due to unresolved significant audit findings/queries.
The statement stated that following a full trial at the High Court, Yap was ordered to pay to the SC a disgorgement of RM3.28 million, which is equal to three times the losses avoided by Yap as a result of the breach, and a civil penalty of RM1 million.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
New Straits Times
8 hours ago
- New Straits Times
TH Travel denies link with fake haj package programme
KUALA LUMPUR: TH Travel & Services Sdn Bhd (TH Travel) has denied it's connection with a fake programme known as "Program Haji Infaq Masyarakat" which allegedly offers TH Travel-managed haj packages priced at RM123,990 with an initial payment of as little as RM10,000. TH Travel, in a statement, said the company has never appointed any individual, external company or business entity to promote, manage or receive payment on behalf of TH Travel for any haj or umrah packages. The statement said that as a haj and umrah travel agency registered and fully regulated by the Lembaga Tabung Haji (TH), all payments related to registration and deposits for haj packages operated by TH Travel can only be made through TH's official account. "TH Travel does not offer subsidised or externally sponsored packages that require pilgrims to pay into unofficial or individual accounts. "TH Travel is not involved in any form of fundraising through cleaning companies, cake businesses or third party intermediaries," the statement said. TH Travel takes seriously the misuse of the company's name and reputation to deceive Muslims intending to perform the Haj pilgrimage. "We understand that a police report has been lodged and an investigation is underway by the authorities and TH Travel is prepared to provide full cooperation to the Royal Malaysia Police and the Malaysian Communications and Multimedia Commission (MCMC) in handling this case," the statement said. – BERNAMA
The Star
8 hours ago
- The Star
TH Travel denies any link with fake haj package programme
KUALA LUMPUR: TH Travel & Services Sdn Bhd (TH Travel) denies any connection with a fake programme known as "Program Haji Infaq Masyarakat" which allegedly offers TH Travel-managed haj packages priced at RM123,990 with an initial payment of as little as RM10,000. TH Travel, in a statement Saturday (June 7), said the company has never appointed any individual, external company or business entity to promote, manage or receive payment on behalf of TH Travel for any haj or umrah packages. The statement said that as a haj and umrah travel agency registered and fully regulated by Lembaga Tabung Haji (TH), all payments related to registration and deposits for hajj packages operated by TH Travel can only be made through TH's official account. "TH Travel does not offer subsidised or externally sponsored packages that require pilgrims to pay into unofficial or individual accounts. "TH Travel is not involved in any form of fundraising through cleaning companies, cake businesses or third party intermediaries," the statement said. TH Travel takes seriously the misuse of the company's name and reputation to deceive Muslims intending to perform the Hajj pilgrimage. "We understand that a police report has been lodged and an investigation is underway by the authorities and TH Travel is prepared to provide full cooperation to the Royal Malaysia Police and the Malaysian Communications and Multimedia Commission (MCMC) in handling this case," the statement said. - Bernama
Focus Malaysia
12 hours ago
- Focus Malaysia
Madani slammed for EV perks to rich, burden on poor
THE Madani government's push for electric vehicles (EVs) was initially praised, as EVs are seen as better for the environment than fuel-powered cars. However, the high prices of EVs have made them unaffordable for most Malaysians — especially since almost 35% of formal workers earn less than RM2,000 a month. Under current policies, EVs are exempt from import and excise duties until the end of this year. This has triggered criticism on social media. Some users on X pointed out that while EV buyers — often the wealthy — get to enjoy tax-free benefits, regular Malaysians who buy fuel-run cars must still pay high taxes. One user said that someone buying a locally made car like the Proton Saga would still pay around RM15,000 in excise and sales taxes. Many Malaysians need a car just to go to work, especially in a car-dependent country like Malaysia. Meanwhile, luxury EVs like the Porsche Taycan — which costs RM675,000 — are completely tax-free. When a low-income M'sian buys a Proton Saga, he pays RM15,375 in excise & sales tax. But when a rich man buys an EV Porsche Taycan, he pays zero — saving over RM600,000. Tesla Model 3 saves RM225k. BYD Dolphin saves RM120k. Well done, Madani. Reward the rich, tax the poor. — khalid karim STEMKITA (@khalidkarim) June 6, 2025 To put things into perspective, that car costs nearly as much as the median house price in the Klang Valley, which is around RM745,000. Another user pointed out that even if Malaysians pay less income tax than in some countries, they still end up paying a lot of 'indirect' taxes on daily goods and services. Malaysia's income tax may be lower than many countries but we pay a lot more indirect taxes — 1negara (@1negara1) June 7, 2025 Many Malaysians online feel that the current EV policy seems to benefit the rich while leaving the poor behind. There's growing frustration over why Malaysia has set an RM100,000 minimum price for EVs — especially since brands like BYD offer much cheaper EVs in places like Thailand and China. This price gap has raised concerns about fairness and accessibility in Malaysia's EV market. — June 7, 2025 Main photo credit: Shutterstock
