Securities Commission Malaysia said the Court of Appeal has unanimously upheld the 2022 High Court ruling that found former WCT Bhd deputy managing director Goh Chin Liong and Ara Holdings Sdn Bhd director Leong Ah Chai liable for insider trading. The court also affirmed the RM5.83 million judgment awarded to the regulator, dismissed both appeals and ordered costs of RM100,000 against each appellant. The case stemmed from a civil claim filed by the regulator in 2015 under Sections 188(2) and 188(3) of the Capital Markets and Services Act 2007. Evidence showed that Goh communicated material non-public information to Leong about the cancellation of a contract for the proposed construction of a racecourse in Dubai, United Arab Emirates, which had been awarded to a joint venture involving WCT and Arabtec Construction LLC. Leong then sold 1,640,000 WCT shares through Ara Holdings' trading account between 2 and 5 January 2009. The upheld judgment requires Goh and Leong each to pay RM2,542,184.70 in disgorgement of losses avoided, RM300,000 in civil penalties and RM75,000 in costs to the regulator. Following the disposal of the appeal, the regulator said it will proceed with the next steps to recover the judgment sum from the defendants. It also noted that on 26 May 2026 it had already succeeded in having garnishee orders against Goh and Leong reinstated by the High Court to support enforcement of the award.
Malaysia Securities Commission2026-07-14
Securities Commission Malaysia wins Court of Appeal ruling upholding insider trading liability and RM5.83 million judgment
Securities Commission Malaysia said the Court of Appeal has upheld a 2022 High Court ruling that found former WCT executive Goh Chin Liong and Ara Holdings director Leong Ah Chai liable for insider trading. The court also affirmed the RM5.83 million judgment, including disgorgement, civil penalties and costs, and dismissed both appeals with RM100,000 costs each. The regulator said it will now proceed to recover the judgment sum.