KUALA LUMPUR: The Court of Appeal ruled in favour of the Securities Commission Malaysia (SC) on 3 March 2022, upholding the High Court's verdict in 2019 that Stone Master Corporation Bhd deputy managing director Datin Chan Chui Mei violated securities regulations.
Justices Datuk Lee Swee Seng, Datuk Hadhariah Syed Ismail and Datuk
Gunalan a/l Muniandy stated that the Court of Appeal did not find any error in the findings of the High Court judge.
In 2019, the High Court found that Chan had caused wrongful loss to Stone Master in breach of section 317A of the Capital Markets and Services Act 2007 (CMSA).
Chan was ordered to pay RM11.54 million and a civil penalty of RM1 million to the SC.
During the trial, it was established that Stone Master had paid several local representatives of several foreign companies' non-refundable deposits amounting to RM11.59 million.
Evidence showed that RM11.54 million of the deposits were subsequently transferred into Chan's bank accounts.
On 28 September 2016, the SC had obtained an interim injunction to restrain Chan from dealing with monies in her bank accounts up to the value of RM11.54 million.