Su Eng Kooi and Yap Choong Seong had challenged their 2022 conviction by the sessions court, which sentenced them to one year’s imprisonment and fined them RM1 million each.

Su and Yap were charged in 2017 with trading in futures contracts and dealing in derivatives without a Capital Markets Services licence under the Capital Markets and Services Act.

In a statement, the Securities Commission Malaysia (SC) said the High Court found no errors in law or fact by the sessions court judge and ruled that their convictions were safe.

The court also agreed with the SC’s submission that the sentences imposed were not manifestly excessive and did not warrant appellate interference.

Although their application for a stay of proceedings was dismissed today, the High Court granted a stay of execution of the sentences pending their final appeal to the Court of Appeal.