Securities Commission Malaysia announced that the Kuala Lumpur High Court allowed its appeal and made the garnishee order nisi against Goh Chin Liong and Leong Ah Chai absolute, clearing the way for recovery of the RM5.83 million judgment sum from the pair. The sum arises from a 2022 High Court ruling that found both defendants liable for insider trading in WCT Berhad shares through the communication and use of material non-public information about the cancellation of the Nad Al Sheba Dubai Racecourse construction contract in Dubai. Under the 2022 judgment, each defendant was ordered to pay RM2,542,184.70 in disgorgement of losses avoided, a civil penalty of RM300,000 and costs of RM75,000. Their applications to stay execution pending appeal were dismissed by the High Court and later by the Court of Appeal, but they still did not pay, prompting the regulator to begin garnishee proceedings in July 2025. Although the High Court Registrar initially granted a garnishee order nisi and later set it aside, the High Court has now reversed that decision and also ordered each defendant to pay a further RM5,000 in costs to the regulator. The Securities Commission Malaysia said it will proceed with the next steps to recover the judgment sum. The defendants' main appeal is scheduled to be heard by the Court of Appeal on 9 July 2026.
Malaysia Securities Commission2026-05-26
Securities Commission Malaysia secures High Court order to recover RM5.83 million in WCT insider trading judgment
The Securities Commission Malaysia reported that the Kuala Lumpur High Court has allowed its appeal and made absolute a garnishee order nisi against Goh Chin Liong and Leong Ah Chai, enabling recovery of the RM5.83 million judgment sum from a 2022 insider trading ruling involving WCT Berhad shares. The court also ordered each defendant to pay an additional RM5,000 in costs, and the regulator will proceed with recovery while the defendants’ main appeal remains pending before the Court of Appeal.