Nicorp ex-CEO and substantial shareholder sued for insider trading

Securities Commission Malaysia building at Kuala Lumpur.

PETALING JAYA: The Securities Commission (SC) has filed a civil suit against Datuk Raymond Chan Boon Siew, for insider trading involving the shares of Naim Indah Corp Bhd (Nicorp), now known as Pegasus Heights Bhd.

In a statement, the SC said the suit, filed on July 5, 2024 at the Kuala Lumpur High Court, claimed that Chan communicated inside information to one Datuk Lim Thiam Huat, in breach of section 188(3)(a) of the Capital Markets and Services Act 2007 (CMSA).