Latest news with #Patimas
Free Malaysia Today
21-05-2025
- Business
- Free Malaysia Today
Apex court dismisses ex-Patimas deputy chairman's bid to appeal
Raymond Yap had sought to challenge the Court of Appeal's unanimous decision on Nov 27, 2024 upholding the High Court's finding that he was liable for insider trading of Patimas shares in 2012. PETALING JAYA : The Federal Court today unanimously dismissed an application by former Patimas Computers Bhd deputy chairman Raymond Yap for leave to appeal against his liability for an insider trading offence committed in 2012. A three-member bench, led by Chief Justice Tengku Maimun Tuan Mat, together with Federal Court judges Vazeer Alam Mydin Meera and Lee Swee Seng, affirmed the earlier decisions of the Court of Appeal and High Court. The court ordered him to pay RM30,000 in costs to the Securities Commission (SC). Yap had sought to challenge the Court of Appeal's unanimous decision on Nov 27, 2024 upholding the High Court's finding that he was liable for insider trading of Patimas shares in 2012. The 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 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 related to audit queries and issues regarding suspicious transactions between Patimas and its top debtors. 'The matter had been raised and discussed by Patimas's external auditor during a meeting with the company's management,' the commission said in a statement. On July 31, 2012, Patimas's board of directors announced to Bursa Malaysia that the company would not be able to issue its annual audited financial statements for the financial period from Jan 1, 2011 to March 31, 2012 due to unresolved significant audit findings/queries. The SC said following a full trial at the High Court, Yap was ordered to pay the commission a disgorgement of RM3.28 million, equal to three times the losses avoided by Yap as a result of the breach, and a civil penalty of RM1 million. Yap was also prohibited from being appointed as a director in any public-listed company for a period of five years, with effect from the date of the High Court judgment on April 7, 2022.
Barnama
21-05-2025
- Business
- Barnama
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.
The Star
21-05-2025
- Business
- The Star
Federal Court upholds insider trading ruling against former Patimas deputy chairman
PETALING JAYA: The Federal Court has unanimously dismissed former Patimas Computers Bhd deputy chairman Datuk Raymond Yap Wee Hin's application for leave to appeal. In a statement, the Securities Commission (SC) said the Federal Court affirmed the decisions of the Court of Appeal and the High Court. 'The leave application was filed by Yap following the unanimous decision of the Court of Appeal, on Nov 27, 2024, which had affirmed the High Court's finding that he was liable for insider trading of Patimas shares in 2012.' In a civil action filed in 2020, the SC claimed that Yap had breached section 188(2)(a) and (b) of the Capital Markets and Services Act 2007 (CMSA) when he disposed a total of 43.8 million Patimas shares held by Law Siew Ngoh, former managing director of Patimas, between June and July 2012. '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.' 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. 'At the High Court, following a full trial, Yap was ordered to pay to the SC a disgorgement of RM3.28mil, which is equal to three times the losses avoided by Yap as a result of the breach, and a civil penalty of RM1mil. 'Yap was also prohibited from being appointed as director in any public-listed company for a period of five years, with effect from the date of the High Court judgment on April 7,2022.' The Federal Court, in dismissing Yap's application for leave to appeal, directed him to pay costs of RM30,000 to the SC.
New Straits Times
21-05-2025
- Business
- New Straits Times
Top court upholds RM4.28mil fine against ex-Patimas deputy chairman
PUTRAJAYA: Former Patimas Computers Bhd (Patimas) deputy chairman Datuk Raymond Yap Wee Hin has failed in his final attempt to set aside RM4.28 million in financial penalties imposed on him for insider trading offences. In a statement today, the Securities Commission (SC) said a panel of the Federal Court, led by Chief Justice Tun Tengku Maimun Tuan Mat, dismissed Yap's application for leave to appeal against the decision of the lower courts. Other members of the bench were Federal Court judges Datuk Vazeer Alam Mydin Meera and Datuk Lee Swee Seng. Yap had sought leave to appeal following the unanimous decision of the Court of Appeal on Nov 27 last year, which upheld the High Court's finding that he was liable for insider trading involving Patimas shares in 2012. He was ordered to pay to the SC a disgorgement of RM3.28 million — equivalent to three times the losses he avoided as a result of the breach — alongside a civil penalty of RM1 million. He was also barred from holding any directorship in a publicly listed company for a period of five years, effective from the date of the High Court ruling on April 7, 2022. The SC added that it was awarded RM30,000 in legal costs. The civil suit, filed by the SC in 2020, alleged that Yap had contravened Sections 188(2)(a) and (b) of the Capital Markets and Services Act 2007 (CMSA) by disposing of 43.82 million Patimas shares held by Law Siew Ngoh, the company's former managing director, between June and July 2012. The SC said at the time of the sale, Yap was in possession of material non-public information relating to audit queries and suspicious transactions between Patimas and its top debtors. These issues were raised by external auditors Ernst & Young (EY) Malaysia during discussions with Patimas' management. Subsequently, on July 31, 2012, Patimas' board of directors announced to Bursa Malaysia that the company would not be able to release its annual audited financial statements by the deadline, due to unresolved significant audit findings and queries. The statements were due for the financial period from Jan 1, 2011 to March 31, 2012.
