KUALA LUMPUR: A former Axis Incorporation Bhd adviser has claimed trial in the Sessions Court here to supplying false company income information to Bursa Malaysia Securities Bhd.
Lee Koon Huat, 58, was charged with four counts of furnishing Bursa Malaysia with false statements in the form of condensed consolidated income statements for Axis.
The alleged offences occurred at the offices of Bursa Malaysia Securities at Bukit Kewangan here between Aug 28, 2006 and May 29, 2008.
Prosecuting officer from the Securities Commission (SC), P. Krishhantini urged the court to set bail at RM500,000 with two sureties and to have Lee's passport revoked.
She also applied to have the case heard together with three former Axis executive directors who were charged on March 21 with similar offences of supplying false information to Bursa.
Koh Tee Jin, 47, Saipuddin Lim Abdullah, 54, and Lee Han Boon, 32, had each claimed trial to five counts of furnishing Bursa with false income statements for Axis between Aug 28, 2006 and May 22, 2008.
All the accused face a minimum fine of RM1mil or imprisonment of up to 10 years, or both, if convicted under Section 122B of the Securities Industry Act, 1983.
Lee's counsel A. Krishnakumar pleaded that his client be allowed to keep his passport as he travelled weekly to Singapore to visit his daughter who was undergoing chemotherapy there.
“He has been co-operating with the SC since 2006. I believe he has proven he is not a flight risk,” Krishnakumar told the court.
Judge Norsharidah Awang fixed bail at RM200,000 with two sureties and ordered Lee to surrender his passport to the court.
She said Lee could apply to the court for the return of his passport if he needed to travel to Singapore.
She fixed May 21 for case management and set April 11 for mention to address the joint trial issue.
Axis, a garment manufacturer, was de-listed from Bursa Malaysia in 2011.
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