The Malaysia Securities Commission reported that the Court of Appeal unanimously dismissed former Malaysian Merchant Marine Berhad executive deputy chairman Dato’ Ramesh Rajaratnam’s application to review the court’s earlier May 2024 decision in an insider trading prosecution. The court held that review of its own decisions is only exercised in exceptional circumstances and found the threshold for leave to review had not been met. The May 2024 ruling had allowed the Securities Commission Malaysia’s appeal and set aside a 2021 High Court decision that acquitted Ramesh, reinstating the Sessions Court conviction and sentence and remitting the case to the High Court for a rehearing on the merits. Ramesh was charged in April 2015 with three counts of insider trading under Section 188(2)(a) of the Capital Markets and Services Act 2007 and, following trial, was sentenced to five years’ imprisonment and a fine of MYR 3 million for each charge, with a default three years’ imprisonment per charge. The High Court rehearing of Ramesh’s appeal on its merits has been fixed for 20 August 2025.
Malaysia Securities Commission 2025-08-04
Malaysia Securities Commission sees Court of Appeal dismiss ex Malaysian Merchant Marine Berhad executive’s review bid in insider trading case
The Malaysia Securities Commission announced that the Court of Appeal dismissed Dato’ Ramesh Rajaratnam’s application to review a May 2024 decision in an insider trading case. The court found no exceptional circumstances to warrant a review, upholding the reinstatement of Ramesh's conviction and sentence. Ramesh, charged in 2015 under the Capital Markets and Services Act 2007, faces a rehearing on 20 August 2025.