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Free Malaysia Today
an hour ago
- Free Malaysia Today
Ex-deputy chairman fails in review bid over order for fresh insider trading trial
A Court of Appeal bench said there is no breach of natural justice in the findings of the previous panel. PUTRAJAYA : The Court of Appeal has rejected a review application by a former executive deputy chairman of Malaysian Merchant Marine Bhd, whose insider trading case was ordered by another Court of Appeal bench to be reheard in the High Court. A three-member bench chaired by Justice Ruzima Ghazali said Ramesh Rajaratnam's application had no merit because there was no breach of natural justice committed by the previous bench. Ruzima said the previous panel, in its grounds of judgment, did not base its decision solely on several provisions in the Criminal Procedure Code (CPC). 'They addressed at length the points and authorities raised by parties. There is no breach of natural justice in the findings of the previous panel,' he said. Justices Azmi Ariffin and Hayatul Akmal Abdul Aziz also heard the application. Ramesh had been found guilty by a sessions court on three charges of insider trading, but the High Court set aside the decision upon his appeal. His complaint was that the previous panel only looked into Sections 173, 180, 182(a) and 422 of the CPC in setting aside his acquittal and ordering a rehearing of his appeal before a new High Court judge. He said this was not canvassed before the panel and only appeared in the grounds of judgment. Ruzima said the threshold for review was high. 'As the apex court, as in this case, we have always been cautious when exercising the power of review of its earlier decision, as on the face of it, it goes against the principle of finality,' he said. He said review powers of the court may only be exercised in exceptional cases if there had been a significant injustice or the applicant had no alternative remedy. Lawyers Gurdial Singh Nijar and Abraham Au appeared for Ramesh in today's proceedings, while Hasley Tajudin, Law Wen Zhen and Danial Ariff Tung represented the Securities Commission Malaysia. Last year, the Court of Appeal said the High Court, as an appellate court, could not decide an appeal solely on the trial court's errors or omissions. Justice Wong Kian Kheong said the High Court had a judicial duty under Section 316 of the CPC to consider the merits of the case. '(Otherwise), there would have been an abdication of the High Court's judicial duty,' he said in the judgment setting aside Ramesh's acquittal. Wong said the High Court was also duty-bound to consider whether the errors or omissions by the trial court had caused a failure of justice as stated under Section 422 of the CPC. On May 6, 2024, Justice Vazeer Alam Mydin Meera, now a Federal Court judge, led a three-member bench in allowing the prosecution's appeal, and remitted the matter to be heard by a new High Court judge. The other member of the bench was Justice Ahmad Zaidi Ibrahim. Vazeer said even though there was judicial copying in the sessions court's grounds of decision, and it was a non-speaking judgment, the High Court committed a legal error in granting an acquittal. Ramesh was charged in the Kuala Lumpur sessions court on April 29, 2015 with three counts of insider trading under Section 188(2)(a) of the Capital Markets and Services Act 2007. On Sept 11, 2019, the trial judge convicted him on all three charges. and sentenced him to five years' imprisonment and a fine of RM3 million on each charge. The prison terms were ordered to run concurrently. Insider trading carries a punishment of imprisonment not exceeding 10 years and a fine of not less than RM1 million. On May 20, 2021, the High Court allowed Ramesh's appeal and set aside the conviction and sentence on all three charges. At the Court of Appeal, the Securities Commission, with the public prosecutor's consent, decided to pursue its appeal on one charge only.
Free Malaysia Today
an hour ago
- Free Malaysia Today
Sharil Tarmizi made CAAM chief as Mavcom merger takes effect
Sharil Tarmizi has been CAAM's deputy chairman since 2023 and previously served as the MCMC's chairman and CEO in 2011. (Bernama pic) PETALING JAYA : Sharil Tarmizi has been appointed as chairman of the Civil Aviation Authority of Malaysia (CAAM), which has been merged with the Malaysian Aviation Commission (Mavcom) effective today. In a statement, the transport ministry said Sharil's appointment is effective immediately. He has been CAAM's deputy chairman since 2023 and previously served as the Malaysian Communications and Multimedia Commission's chairman and CEO in 2011. The ministry said Sharil, a CAAM board member since 2021, brought with him more than three decades of legal and corporate experience in both the public and private sector. Through the merger with Mavcom, CAAM is now the sole regulator for technical, safety and economic matters in the aviation sector. 'This strategic step opens a new chapter for the country's aviation sector towards a more efficient, responsive and governance-driven regulatory system,' the ministry said. It said all of Mavcom's staff were offered posts in CAAM in view of the merger, with 93% of them taking up the offer. 'In line with the Cabinet's decision, all CAAM employees will receive improved emolument packages to match industry levels, especially for qualified technical personnel,' it said. The regulator's board will also be expanded to include a representative from the economy ministry, and two experts in economic policy, competition, and consumer rights.
Malay Mail
an hour ago
- Malay Mail
Bursa snaps back as tariff uncertainty ends, 13MP lifts sentiment
KUALA LUMPUR, Aug 1 — Bargain hunting pushed Bursa Malaysia to end the week higher as investors cheered the United States (US) tariff reduction on all Malaysian products entering the country, coupled with positive market sentiment following the announcement of the 13th Malaysia Plan (13MP). Earlier today, the White House announced a 19 per cent tariff imposed on Malaysia, lower than the 25 per cent announced on July 7. At 5pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) surged 20.10 points or 1.33 per cent to close at 1,533.35 from Thursday's close of 1,513.25. The benchmark index, which opened 6.62 points higher at 1,519.87, hit a low of 1,519.17 in early trade and reached a high of 1,534.48 in the afternoon session. The broader market was positive, with gainers outpacing losers 570 to 452, while 521 counters were unchanged, 947 untraded and 11 suspended. Turnover eased to 3.16 billion units worth RM2.23 billion from 3.77 billion units worth RM3.10 billion yesterday. UOB Kay Hian Wealth Advisors Sdn Bhd's head of investment research Mohd Sedek Jantan said the FBM KLCI closed higher today, buoyed by renewed investor confidence following the White House's announcement of a 19 per cent tariff on Malaysian exports. He said the decision places Malaysia on par with regional peers such as Indonesia, Thailand, Cambodia, and the Philippines, lower than Vietnam, Taiwan, and India, but higher than Japan. 'The announcement, released earlier today, brings an end to four months of speculation and uncertainty, giving both businesses and policymakers a clearer path forward for strategy execution,' he told Bernama. Meanwhile, Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said investors are cautiously awaiting US jobs data that could make or break the case for a US Federal Reserve interest rate cut next month. 'On the other hand, lower-than-expected economic data from China also weighed on sentiment after factory activity on the mainland unexpectedly contracted in July. As such, the local benchmark index is seen remaining in consolidation mode, hovering around the 1,530 level,' he said. Among the heavyweights, Maybank rose 21 sen to RM9.60, Public Bank gained eight sen to RM4.29, Tenaga Nasional soared 28 sen to RM13.30, CIMB was 24 sen higher at RM6.79, while IHH Healthcare went up three sen to RM6.68. Of the most active counters, Pegasus Heights and TWL were flat at half-a-sen and 2.5 sen, respectively, Pharmaniaga eased half-a-sen to 17 sen, while Tanco inched up half-a-sen to 84 sen, and Ekovest added two sen to 43.5 sen. Besides Tenaga and CIMB, the other top gainers are Main Market debutant UMS Integration which advanced 50 sen to RM5.50, Ajinomoto and Gamuda bagged 22 sen each to RM13.08 and RM5.40, respectively, and Allianz Malaysia rose18 sen to RM17.60. As for the top losers, Nestle dipped 34 sen to RM87.80 and both Kuala Lumpur Kepong and Mesiniaga erased 16 sen to RM19.42 and RM1.30, respectively. Across the broader market, the FBM Emas Index soared 124.86 points to 11,525.33, the FBMT 100 Index increased 129.12 points to 11,285.63, and the FBM Emas Shariah Index gained 79.09 points to 11,540.76. The FBM 70 Index jumped 109.26 points to 16,713.87 and the FBM ACE Index climbed 6.16 points to 4,624.37. By sector, the Financial Services Index surged 327.50 points to 17,480.20, the Energy Index perked up 1.26 points to 749.60, the Industrial Products and Services Index was unchanged at 159.14, while the Plantation Index shed 24.07 points to 7,370.97. The Main Market volume improved to 1.97 billion units valued at RM1.98 billion from 1.94 billion units valued at RM2.77 billion on Thursday. Warrants turnover fell to 895.32 billion units worth RM143.46 million from 1.43 billion units worth RM210.54 million previously. The ACE Market volume tumbled to 289.60 million units worth RM108.93 million from 404.93 million units worth RM124.64 million yesterday. Consumer products and services counters accounted for 199.04 million shares traded on the Main Market; industrial products and services (287.73 million), construction (267.22 million), technology (251.30 million), SPAC (nil), financial services (62.51 million), property (491.17 million), plantation (25.68 million), REITs (14.50 million), closed-end fund (21,600), energy (125.07 million), healthcare (164.44 million), telecommunications and media (23.25 million), transportation and logistics (22.84 million), utilities (39.32 million), and business trusts (14,700). — Bernama
