KUALA LUMPUR: Securities Commission (SC) has won insider trading case against Magnum Corp Bhd former director Lim Chiew. The High Court yesterday declared that SC had successfully proven an insider trading case against Lim. In its decision, the court agreed with SC that Lim Chiew was in possession of information relating to Bolton’s proposed acquisition of a 30.3 per cent stake in Magnum Corp from Multi-Purpose Holdings Bhd when he made the purchase. Justice Datin Azizah Nawawi ordered Lim to pay a sum of RM1.24 million, which amounted to three times the profits he earned as a result of the insider trading. In addition, the High Court also ordered Lim to pay the SC a civil penalty of RM50,000 and RM75,000 in costs.

Source: New Strait Times September 29, 2017 07:41 UTC