PUTRAJAYA (March 28): The Federal Court has fixed April 8 to deliver its decision on an appeal by lawyer Datuk Sreesanthan Eliathamby, who is challenging a High Court ruling that held him liable for insider trading in Worldwide Holdings Bhd shares in 2006.

Abraham Au, one of the lawyers representing Sreesanthan, confirmed the decision date, while Senior Federal Counsel Liew Horng Bin told Bernama that they were notified by the court of the date in a letter issued on Thursday.

The Attorney-General is participating in the appeal as amicus curiae (friend of the court).

A three-member bench consisting of Chief Judge of Malaya Datuk Seri Hasnah Mohammed Hashim and Federal Court judges Datuk Abdul Karim Abdul Jalil and Datuk Vazeer Alam Mydin Meera had reserved their decision on Feb 5 this year after hearing submissions from the parties involved in the appeal.

In November 2020, the High Court found Sreesanthan liable for insider trading in Worldwide shares in 2006.

Sreesanthan was ordered to pay RM1.99 million to the Securities Commission (SC), which was three times the profits gained as a result of the insider trading, and an additional RM1 million in civil penalty. 

He was also barred from serving as a director of any listed company for 10 years, starting from Nov 18, 2020.

On Sept 6, 2022, the Court of Appeal dismissed Sreesanthan’s appeal and upheld the decision of the High Court. In April last year, Sreesanthan obtained leave from the Federal Court to appeal against the decision.

The SC had initiated the civil action against Sreesanthan, accusing him of acquiring a total of 600,000 Worldwide shares between June 7 and July 11, 2006 while in possession of material non-public information relating to the proposed privatisation of Worldwide by Perbadanan Kemajuan Negeri Selangor. 

At the material time, Sreesanthan was a senior partner at a law firm which was engaged to act as the legal adviser for the proposed privatisation of Worldwide. 

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