CCTV company directors fined RM325,000 each for false declaration

  • Nation
  • Friday, 30 Sep 2011

KUALA LUMPUR: Two executive directors of a company offering closed circuit TV (CCTV) services were fined a total of RM325,000 each by the Sessions Court here after they pleaded guilty to five counts of publishing prospectus containing false information.

An accounts executive of the company, Inix Technologies Holdings Bhd (ITHB), was fined a total of RM350,000 for the same offences and for failing to turn up for an oral examination by an investigating officer of the Securities Commission.

Directors Mok Chin Fan, 53, and Cheong Kok Yai, 51, were fined RM125,000 each, in default a year’s jail, for causing the issuance of the ITHB prospectus which contained false information about the revenue for a six-month period that ended on Jan 31, 2005.

On four charges of furnishing false financial statements, Mok and Cheong were fined RM50,000 on each charge, in default six months’ jail.

Senior accounts executive Normah Sapar, 37, admitted approving and assisting the publication of false information on company profits.

She faced four charges of abetting in the furnishing of a false statement to Bursa Malaysia and another charge of abetting in the issuance of the ITHB prospectus which contained false information.

Sessions Court judge Datuk Jagjit Singh ordered that they be jailed for a year if they failed to pay the fines.

They were charged under Section 122B(b)(bb) of the Securities Industry Act 1983 which provides for a maximum fine of RM3mil and a jail term of up to 10 years.

Prosecuting officers Geethan Ram Vincent, R. Araasu, Munira Masood and Edzuan Ezzany, who are all from the Securities Commission prosecuted while counsels Kamarul Hisham, J. Kuldeep Kumar and Lim Kon Keen represented the three accused.

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