KUALA LUMPUR: The Court of Appeal on Thursday ruled in favour of the Securities Commission (SC) and upheld the decision of the High Court in 2019 that former deputy managing director of Stone Master Corp Bhd Datin Chan Chui Mei had breached securities laws.

       Justices Datuk Lee Swee Seng, Datuk Hadhariah Syed Ismail and Datuk Gunalan Muniandy stated that the the court did not find any error in the findings of the High Court judge, the SC said in a statement.

       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.

       She was ordered to pay RM11.54mil and a civil penalty of RM1mil 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 RM11.59mil.

       Evidence showed that RM11.54mil of the deposits were subsequently transferred into Chan’s personal bank accounts.

       On Sept 28, 2016, the SC had obtained an interim injunction to restrain her from dealing with monies in her personal bank accounts up to the value of RM11.54mil.