Securities Commission Malaysia announced that Malaysia’s Federal Court unanimously dismissed Dato’ Raymond Yap Wee Hin’s application for leave to appeal, affirming the Court of Appeal and High Court decisions that held him liable for insider trading in Patimas Computers Berhad shares. The ruling leaves in place the High Court’s monetary orders and the director disqualification. The Securities Commission’s civil action, filed in 2020, alleged Yap breached section 188(2)(a) and (b) of the Capital Markets and Services Act 2007 by disposing of 43.8 million Patimas shares between June and July 2012 while in possession of material, non-public information about audit queries and suspicious transactions involving Patimas and its top debtors. Patimas subsequently announced to Bursa Malaysia on 31 July 2012 that it could not issue its annual audited financial statements for 1 January 2011 to 31 March 2012 due to unresolved significant audit findings and queries. Following a full trial, the High Court ordered disgorgement of RM3.28 million (three times the losses avoided) and a civil penalty of RM1 million, and prohibited Yap from being appointed as a director of any public-listed company for five years from 7 April 2022; the Federal Court also ordered him to pay RM30,000 in costs to the Securities Commission.
Malaysia Securities Commission 2025-05-21
Securities Commission Malaysia secures Federal Court dismissal of Raymond Yap’s leave-to-appeal application in Patimas insider trading case
The Securities Commission Malaysia announced that the Federal Court dismissed Dato’ Raymond Yap Wee Hin’s appeal, upholding previous rulings that found him liable for insider trading in Patimas Computers Berhad shares. The High Court's orders for disgorgement of RM3.28 million, a RM1 million civil penalty, and a five-year director disqualification remain in effect. Yap must also pay RM30,000 in costs to the Securities Commission.