PUTRAJAYA (Aug 1): The Court of Appeal (COA) has denied a review application, brought by former Malaysian Merchant Marine Bhd (MMM) executive deputy chairman Datuk Ramesh Rajaratnam, to review its decision to reinstate his conviction, five-year jail sentence and a RM3 million fine for insider trading. 

In its unanimous decision on Friday, a three-judge bench led by Datuk Che Ruzima Ghazali had denied Ramesh’s application for the COA’s review of its decision as Ruzima surmised that it does not meet the threshold for review. 

“This is our unanimous decision. The threshold for the review of the previous panel of this court is high. We as the apex court, such as in this case, have always been cautious when exercising the power of review of its earlier decision, as on the face of it, it goes against the principle of finality,” he said, reading out the decision of the panel, which was also made up of judges Datuk Azmi Ariffin and Datuk Hayatul Akmal Abdul Aziz.  

Ruzima said that for a review of an appeal, two requirements must be fulfilled: that there has been significant injustice on the applicant and that the applicant has no alternative remedy.

The COA overturned the High Court’s May 2021 acquittal of Ramesh on insider trading charges. The High Court had previously set aside convictions based on procedural flaws, notably “judicial copying” by the then trial judge.

In May 2024, the COA panel — led by judges Datuk Vazeer Alam Mydin Meera, Datuk Ahmad Zaidi Ibrahim, and Datuk Wong Kian Kheong — held that the High Court erred by disposing of the case without considering the merits of the appeal. The court affirmed that appellate courts must review all case records, written submissions, and listen to oral arguments to render a just decision. 

The COA, accordingly, set aside the High Court’s decision in acquitting Ramesh on the first charge only and reinstated the earlier conviction and sentence imposed by the Sessions Court. 

The COA further directed that the case be remitted to the High Court and to be heard on the merits before another High Court judge on the first charge. 

The COA panel in 2024, however, dismissed the Security Commission Malaysia’s (SC) appeal on the second and third charges, meaning those acquittals remain intact as per the High Court’s 2021 decision, with the SC having opted not to pursue those two charges at appeal stage.

On Friday, in his submissions before the decision, senior lawyer Datuk Dr Gurdial Singh Nijar said that panel’s decision in 2024 was a breach of natural justice and rule against bias as claimed by the appellant. 

The judge added that Ramesh was not without an alternative remedy, as the issue of whether the Sessions Court correctly decided on merit can be canvassed on appeal in the High Court, as ordered by the previous COA panel.

“We are of view that the threshold required for leave to review a prior decision of this court had not been met. [T]he application for leave is therefore dismissed,” he said. 

The SC’s counsels were Hashley Tajudin, Low Wen Zhen and Daniel Ariff Tung.