KUALA LUMPUR: The High Court has allowed the Securities Commission’s (SC) appeal and increased the jail sentence of former Group Bhd chief executive officer and executive director Gan Boon Aun to 24 months from one day.
In a statement, the SC said the High Court also upheld the initial fine of RM2.5milimposed by the Sessions Court on Aug 27, 2020.
Gan was convicted for furnishing a misleading statement, with intent to deceive, relating to Transmile’s revenue in the company’s quarterly report on unaudited consolidated results for the financial year ended Dec 31, 2006.
The misleading statement on the revenue amount comprised of over RM333mil of fictitious sales.
Gan’s conviction is under Section 122B read together with Section 122(1) of the Securities Industry Act 1983.
The High Court Judge, Justice Mohamed Zaini Mazlan observed that, from the efforts made by the SC to execute the warrant of arrest against Gan, he has been evading arrest, thus failing to attend the hearing of the appeal.
Gan remains at-large and the SC is requesting members of the public who may know of his whereabouts to come forward to assist the SC in locating Gan.