Federal Court Rejects Former Patimas Executive’s Final Appeal in Insider Trading Case
PUTRAJAYA, July 2 — Malaysia’s Federal Court has dismissed an application by former Patimas Computers Bhd executive director Datuk Ng Back Heang for leave to appeal, effectively upholding court orders requiring him to pay RM1.24 million to the Securities Commission Malaysia (SC) over insider trading.
A three-member Federal Court bench led by Justice Datuk Seri Vazeer Alam Mydin Meera unanimously ruled that the legal questions raised in the application failed to satisfy the threshold required under Section 96 of the Courts of Judicature Act 1964.
Delivering the court’s decision, Justice Vazeer Alam said the issues presented by the applicant had already been addressed in a recent Federal Court ruling.
“The legal questions raised in this application have been answered by this court in a recently decided case. As such, the threshold requirements under Section 96 of the Courts of Judicature Act 1964 have not been met,” he said before dismissing the application with costs.
The bench, which also comprised Tan Sri Ahmad Terrirudin Mohd Salleh and Datuk Mohd Nazlan Mohd Ghazali, further ordered Ng to pay RM50,000 in legal costs.
The application sought to challenge the Court of Appeal’s Sept. 2, 2025 decision affirming a Kuala Lumpur High Court ruling that required Ng to compensate the Securities Commission RM1.24 million after he was found liable for insider trading.
The compensation represented three times the losses that were deemed avoidable as a result of the unlawful trading activity.
During Thursday’s proceedings, Ng was represented by counsel Datuk Jasbeer Singh, while the Securities Commission was represented by lawyer Dhinesh Bhaskaran together with the commission’s deputy public prosecutor, Mohd Hafiz Mohd Yusoff.
The insider trading finding dates back to Nov. 17, 2022, when the High Court held that Ng had breached Section 188(2)(a) of the Capital Markets and Services Act 2007 (CMSA).
The court found that he disposed of approximately 16.5 million Patimas shares between May and July 2012 while in possession of material non-public information relating to audit queries and suspicious transactions involving the company and its principal debtor.
In addition to affirming the compensation order, the Court of Appeal previously imposed a civil penalty of RM700,000 and barred Ng from serving as a director of any listed public company for five years, with the disqualification taking effect from Nov. 17, 2022.
The appellate court also ordered him to pay RM30,000 in legal costs to the Securities Commission, while the High Court had earlier awarded the regulator an additional RM100,000 in costs.
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