The Kuala Lumpur High Court has allowed an appeal by the Securities Commission Malaysia (SC), enabling the regulator to proceed with the recovery of RM5.83 million linked to an insider trading case after the court made a garnishee order nisi absolute.
The ruling clears the way for enforcement action against Goh Chin Liong and Leong Ah Chai, following earlier findings that both were liable for insider trading offences under the Capital Markets and Services Act 2007 involving shares of WCT Berhad.
The case dates back to a 2022 High Court decision which found the pair had traded based on material non-public information concerning the cancellation of a Dubai construction contract involving a WCT joint venture with Arabtec Construction LLC. At the time, Goh was WCT Deputy Managing Director.
The court had previously ordered both individuals to pay a total of RM5.83 million, comprising disgorgement of gains, civil penalties and costs. Despite failed appeals and rejected stay applications in 2023 and 2024, the payment was not made.
The SC subsequently initiated garnishee proceedings in July 2025, although a High Court registrar initially set aside the order in December 2025. However, High Court Judge Leong Wai Hong overturned that decision and reinstated the garnishee order nisi as absolute, with RM5,000 in costs imposed on each defendant.
Following the ruling, the SC said it will proceed with further enforcement measures to recover the judgment sum, reaffirming its commitment to robust market misconduct enforcement.
The main appeal in the case is scheduled for a hearing at the Court of Appeal on July 9, 2026.
