KUALA LUMPUR: The Court of Appeal unanimously dismissed on Thursday the appeal by Transmile Group Bhd’s former independent directors who were members of its audit committee for having authorised the issuance of a misleading statement to Bursa Malaysia.
(Transmile, an air transportation company, was delisted from the bourse in May 2011. Bursa Securities suspended the trading of its shares in March that year after the company failed to submit a comprehensive regularisation plan by the Feb 22 deadline.)
The Securities Commission (SC) said in a statement on Thursday that Shukri Sheikh Abdul Tawab, 53, and Jimmy Chin Keem Feung, 52, were found guilty under the Securities Industry Act 1983 for knowingly allowing a misleading statement to be given to the stock exchange in Transmile’s quarterly results report for the financial year ended Dec 31, 2006.
The misleading statement was with respect to the unaudited revenue figures which were reported to Bursa Malaysia for both the fourth quarter of 2006 as well as the cumulative period for 2006, the capital markets regulator said.
The Sessions Court had, in 2011, convicted and sentenced Shukri and Chin to one-year imprisonment and a fine of RM300,000 (in default six months imprisonment). The High Court had, in 2015, affirmed their conviction and sentence imposed by the Sessions Court.
Justice Datuk Ahmadi Haji Nawawi, in delivering the decision of the Court of Appeal, stated that there was no merit in the appeal and that the sentence imposed by the Sessions Court judge commensurate with the offence
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