SC files civil suit against seven individuals for insider trading

PETALING JAYA: The Securities Commission Malaysia(SC) has filed a civil suit against seven individuals at the Kuala Lumpur High Court, for purchasing shares in previously listed Worldwide Holdings Bhd while in possession of non-public information.
The seven individuals are Datin Paduka Low Siew Moi, Tan Cheng Teik, Liaw Huat Hin, Hoi Main Seng, Chua Keng Hong, Datuk Ter Leong Yap, and Ter Leong Hing.
SC claimed in the suit filed on May 18, that Low in her capacity as deputy general manager of PKNS and director of Worldwide had communicated non-public information with regards to the proposed privatisation of Worldwide by PKNS to to Tan, Liaw, Hoi, Chua, and Leong Yap.
The said information was further communicated by Leong Yap and Tan to Leong Hing and Hoi and Liaw respectively.The act allegedly took place between 2006 and 2007.
The commission is seeking a disgorgement of three times the profit earned by the defendants as a result of the insider trading, and a civil penalty of RM1 million from each of the defendants.