Former Axis adviser will get six months jail, RM800,000 positive for furnishing false monetary statements

KUALA LUMPUR: The Kuala Lumpur Periods Courtroom has convicted Axis Incorporation Bhd’s former adviser to the board of administrators, Lee Koon Huat, for abetting the corporate in furnishing false monetary statements in its quarterly reviews for the monetary yr (FY) 2007.

Lee was charged on March 26, 2013 with 4 costs underneath part 122C(c) learn along with part 122B(a)(bb) of the Securities Trade Act 1983 (SIA).

Proof confirmed that he had given directions to inflate Axis’ income figures in its unaudited quarterly ends in 2007, the Securities Fee Malaysia (SC) mentioned in an announcement at present.

KL Periods Courtroom choose Tuan Azman Ahmad sentenced Lee to 6 months’ imprisonment and fined him RM200,000 for every cost (in default, six months’ imprisonment).

The courtroom additionally ordered for the jail sentence to be served concurrently.

In 2013, the SC had additionally charged former government administrators of Axis, Lee Han Boon, Saipuddin Lim Bin Abdullah and Koh Tee Jin, with 5 costs every for furnishing false monetary statements referring to the income of Axis for FY 2007 and 2008.

The trio pleaded responsible and obtained sentences starting from someday to 12 months’ imprisonment and fines of RM200,000 every. – Bernama


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