KUALA LUMPUR, June 22 (Bernama) -- Bursa Malaysia ended on a softer note today as investors engaged in profit-taking following the recent rebound in the local market, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) declined by 0.65 per cent, or 11.19 points, to 1,700.84 from last Friday's close of 1,712.03. The benchmark index opened 1.56 points lower at 1,710.47 and moved between 1,699.94 and 1,712.32 throughout the trading session. Market breadth was negative, with decliners outnumbering gainers 560 to 481. A total of 608 counters were unchanged, 1,649 untraded, and 14 suspended. Turnover slipped to 3.29 billion units worth RM2.40 billion from 3.45 billion units worth RM3.79 billion on Friday.
The Federal Court of Malaysia has scheduled October 11 to hear the appeal of lawyer Datuk Sreesanthan Eliathamby against a RM1 million civil penalty imposed for insider trading. The decision in this case could have significant implications for other civil penalties and raise questions about the necessity of the Attorney General’s approval for the Securities Commission Malaysia (SC) to initiate legal proceedings.
Sreesanthan’s counsel, Abraham Au, confirmed the hearing date following case management before deputy registrar Mahyun Ismail.
In April, the Federal Court, led by Chief Justice Tun Tengku Maimun Tuan Mat, granted leave to Sreesanthan to appeal the merits of his case. Previously, the Court of Appeal upheld the High Court's decision requiring Sreesanthan to pay RM1.99 million (three times the profits gained from insider trading) and imposed a civil penalty of RM1 million. Additionally, he was barred from being a director of any listed company for 10 years, effective from November 18, 2020.
Sreesanthan's appeal stems from his acquisition of 600,000 Worldwide Holdings Bhd shares in 2006, while possessing non-public information about the company’s proposed privatization by Perbadanan Kemajuan Negeri Selangor. He was a senior partner in the law firm advising on the privatisation.
The outcome of this appeal is being closely watched, as it may influence other insider trading cases, including that of Datuk Ramesh Rajaratnam, whose criminal appeal has been adjourned pending the decision in Sreesanthan’s case.
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