02/07/2026 04:31 PM

Ex-patimas Executive Director Fails To Obtain Leave To Appeal On Insider Trading Ruling

PUTRAJAYA, July 2 (Bernama) -- A former executive director of Patimas Computers Bhd has failed in his application today to obtain leave to appeal the decision of the lower court that found him liable for insider trading and ordered him to pay RM1.24 million in disgorgement and RM700,000 civil penalty to the Securities Commission (SC).

A Federal Court’s three-man bench comprising Justices Datuk Seri Vazeer Alam Mydin Meera, Tan Sri Ahmad Terrirudin Mohd Salleh and Datuk Mohd Nazlan Mohd Ghazali unanimously dismissed Datuk Ng Back Heang’s application and ordered him to pay RM50,000 in legal costs.

Justice Vazeer, who delivered the court’s decision, held that the three questions of law raised by Ng had been answered in the case involving lawyer Datuk Sreesanthan Eliathamby.

He further said the threshold requirement of Section 96 of the Courts of Judicature Act 1964 had not been met. 

Following the court's decision in dismissing the leave to appeal application, the High Court’s order for Ng to pay RM1.24 million in disgorgement and a RM700,000 civil penalty to the Securities Commission (SC) stands. 

In November 2022, the High Court allowed the SC’s claim and ruled that Ng had contravened Section 188 (2) (a) of the Capital Markets and Services Act 2007 (CMSA). It also ordered Ng to pay RM1.24 million in disgorgement and a RM700,000 civil penalty to SC.

Ng was also barred from being appointed as a director of any public listed company for five years, effective from the date of the High Court judgment.

In September last year, the Court of Appeal dismissed Ng’s appeal and upheld the High Court’s ruling, prompting him to seek leave to appeal to the Federal Court.

The breach occurred when Ng disposed of 16.5 million Patimas shares that he owned between May and July 2012, while in possession of material non-public information relating to audit queries and issues about 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 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 Federal Court today, Ng was represented by lawyers Datuk Jasbeer Singh, Noor Syakirah Khalil and Nur Hakimah Mohamad, while the SC was represented by lawyers Dhinesh Bhaskaran and Serena Azizuddin, along with SC deputy public prosecutor Mohd Hafiz Mohd Yusoff and DPP Eunice Ong.

-- BERNAMA 


 


 

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