24 January 2022 - The High Court in VCB Capital Sdn Bhd v Suruhanjaya Sekuriti Malaysia [2022] MLJU 24 (grounds of judgment dated 10 January 2022) dismissed the judicial review application made against Securities Commission Malaysia (SC). The challenge was against the SC's decision to revoke the Applicant's Capital Market Services Licence. This matter is now pending appeal.

The High Court found that the SC had exercised its powers within the ambit of the Capital Markets and Services Act 2007 and in accordance with the SC's statutory functions. The SC had carried out its supervisory functions and having considered that the findings were serious, the SC issued the Notice to Show Cause. The Court held that it is entirely up to the SC to then decide whether to accept or reject the explanation given by the Applicant. The Court should not substitute its own opinion for the decision made by a body which Parliament had entrusted that function.

This case is also the first decision to deal with the application of section 152A of the Securities Commission Malaysia Act 1993. Section 152A sets out the power of the SC to publish information where it thinks necessary or expedient in the interest of the public or for the protection of investors.

Lee Shih and Joyce Lim acted for the Securities Commission Malaysia in these judicial review proceedings.