KUALA LUMPUR : The Kuala Lumpur Sessions Court has deferred the sentencing for Low Thiam Hock, better known as Repco Low, to Jan 22 instead of the original date on Jan 19.
On Jan 11, the court had found Low guilty of market manipulation involving the shares of Repco Holdings Bhd, where he was the former executive chairman.
Low, 53, was convicted for acts calculated to create a misleading appearance with respect to the price of Repco shares on the Kuala Lumpur Stock Exchange on Dec 3, 1997.
Low was charged by the SC in the Sessions Court on 18 September 1999. At the end of the prosecution’s case during which 25 witnesses were called, the Sessions Court acquitted Low on the basis that the charge was not proven.
The SC then appealed to the High Court which affirmed the Sessions Court’s decision. However, The Court of Appeal on Feb 28, 2013 overturned the decision and ordered Low to defend the charge against him, reverting the case back to the Sessions Court.
Judge Mat Ghani Abdullah held that the court was satisfied that Low, through the manner of buying 227,000 units of Repco shares on Dec 3, 1997, had in fact created a misleading appearance as to the price of Repco shares on the stock exchange.
Under section 91 of the Securities Industry Act 1983, Low is liable to a minimum fine of RM1mil and imprisonment of not more than 10 years.