KUALA LUMPUR: The Securities Commission has charged the former executive director ad group CEO of London Biscuits Bhd for furnishing a false financial statement to the stock exchange and falsification of records.
In a statement, the capital markets regulator said Datuk Sri Liew Yew Chung has claimed trial to one charge of causing the furnishing of a false financial statement
to Bursa Malaysia Securities Bhd on Aug 30, 2019.
This is an offence under section 369(b)(B) of the Capital Markets and Services Act 2007 (CMSA).
According to the charge, the false statement relating to London Biscuits' cumulative revenue, amounting to RM285,985,000, was contained in the company’s quarterly report in the third quarter of its financial period ended June 30, 2019.
Liew was deemed to have committed the offence under section 367(1) of the CMSA due
to his position as a director and chief executive of London Biscuits.
If convicted, Liew could face imprisonment for a term not exceeding 10 years and shall
also be liable to a fine not exceeding RM3 million.
In addition, Liew faced 12 charges under section 368(1)(a) of the CMSA for instructing the creation of false transactions concerning company sales in the accounting records of London Biscuits between October 2018 and March 2019.
The false transactions in all 12 charges amounted to a total sum of RM2,354,430.
Liew claimed trial to all the charges. If convicted, Liew can be punished with a jail term not exceeding 10 years and shall also be liable to a fine not exceeding RM1 million.
Sessions Court judge Tuan Azrul Darus granted Liew bail at RM300,000 with two local sureties for all 13 charges.
Liew was also ordered to surrender his passport to court and report to the SC’s Investigating Officer on a bi-monthly basis.
