Three hauled up over WCT insider trading
Legal case: The sC has brought WCT deputy MD, one of the founders and another individual to court.
PETALING JAYA: The Securities Commission (SC) has filed a suit against WCT Holdings Bhd’s deputy managing director (MD) Goh Ching Liong for alleged insider trading of the company’s shares in 2009.
Also charged with the similar offence are one of the company’s founders, Chan Soon Huat, and one Leong Ah Chai.
The SC is claiming a civil penalty of RM1mil from each of the defendants. It is also seeking to bar the defendants from being directors of a public listed company.
According to a statement by the SC, the three individuals were charged in the KL High Court recently. The suits against Goh and Leong was filed on May 26.
The action against Chan was filed on May 27 for breach of the Capital Markets and Services Act 2007.
The SC alleged that the non-public information referred to the cancellation of a contract for the proposed construction of the “Nad Al Sheba Dubai Racecourse” in the Emirate of Dubai, United Arab Emirates.
The contract was then awarded to a joint-venture company set up by WCT and one Arabtec Construction L.L.C.
“The announcement relating to the material information was only made on Jan 6, 2009,” the statement said.
“Chan was in (breach) as he disposed 2.41 million shares and 1.24 million warrants in WCT between Dec 30, 2008 and Jan 5, 2009 while in possession of material non-public information,” the statement added.
The statement said that Chan was believed to have disposed of the WCT shares and warrants through his own account and also the account of his daughter and his son-in-law.
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