PETALING JAYA: The Federal Court has dismissed an application by former Patimas Computers Bhd executive director Datuk Ng Back Heang for a leave to appeal in an insider trading case.
In a statement, the Securities Commission Malaysia (SC) said the decision upholds the Court of Appeal’s unanimous decision on Sept 2, 2025, which affirmed the High Court’s finding in 2022 that Ng was liable for insider trading of Patimas shares in 2012.
Previously in 2020, the SC commenced a civil action against Ng for insider trading breaches under section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA).
The SC alleged that Ng had disposed of 16.5 million Patimas shares between May and July 2012 while in possession of material non-public information relating to audit queries on suspicious transactions between Patimas and its top debtors.
These matters had been raised by Patimas’ external auditor during a meeting with the company’s management.
“Patimas subsequently issued an announcement to Bursa Malaysia on July 31, 2012 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 queries.
“Ng was an executive director of Patimas at the material time.”
Following a full trial, the High Court on Nov 16, 2022 found Ng liable for insider trading and ordered him to pay RM2.04mil to the SC.
“This comprised RM1.24mil in disgorgement of the losses avoided as a result of the insider trading, a civil penalty of RM700,000 and costs of RM100,000. Ng was also barred from being appointed as a director of any public listed company for five years.”
