The SC said the inside information was in relation to Chan’s intended purchase of Nicorp shares from Crest Energy Sdn Bhd.
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 or CMSA.
The SC said the inside information was in relation to Chan’s intended purchase of Nicorp shares from Crest Energy Sdn Bhd, which was a substantial shareholder of Nicorp at the material time.
In its suit, the SC has claimed disgorgement of the theoretical profits amounting to RM25,447,500 and civil penalty of up to RM1mil against Chan.
“Insider trading is a serious misconduct in the capital market,” it said.
