PUTRAJAYA: Former Malaysian Merchant Marine Bhd (MMM) executive deputy chairman Datuk Ramesh Rajaratnam has failed in his attempt to review a Court of Appeal decision reinstating his insider trading conviction.
A three-judge panel dismissed his application, clearing the way for his appeal to proceed at the Kuala Lumpur High Court on Aug 20.
Ramesh, 61, was convicted in 2019 for trading 5 million MMM shares in 2010 while possessing inside information about a credit rating downgrade.
The Sessions Court sentenced him to five years in jail and a RM3 million fine, with an additional three years if unpaid.
Justice Datuk Che Mohd Ruzima Ghazali stated Ramesh did not meet the threshold for a review, noting no breach of natural justice in the earlier ruling.
“The applicant was not without an alternative remedy,“ he said, adding Ramesh could still challenge the conviction in the High Court.
Initially, Ramesh was acquitted by the High Court in 2021, which found the Sessions Court’s judgment merely echoed prosecution arguments.
However, the Securities Commission (SC) appealed, leading the Court of Appeal in May 2024 to order a fresh High Court hearing.
The SC had withdrawn appeals on two related charges involving 5.2 million shares traded in February 2010, linked to MMM’s PN17 status.
Ramesh remains on bail under previous terms, including a RM200,000 bond and passport surrender. – Bernama