KUALA LUMPUR: The High Court here upheld a decision by the Sessions Court to fine three former directors of a surveillance equipment manufacturer Inix Technologies Holdings Bhd who pleaded guilty to four counts of knowingly authorising the furnishing of false statements to Bursa Malaysia.
Justice Mohd Azman Husin upheld the decision for the fine imposed on Mok Chin Fan, 56, Jimmy Tok Soon Guan, 44, and Cheong Kok Yai, 54 for the four offences under Section 122B of the Securities Industry Act 1983.
The Securities Commission had appealed to the High Court for a custodial sentence for the three accused, which was overthrown as Justice Mohd Azman said the fine was appropriate.
The trio had pleaded guilty to four counts of knowingly authorising the furnishing of a false statement to Bursa relating to the affairs of the company listed on Mesdaq.
The alleged false statement was contained in four of the company’s income statements between Oct 31, 2005 and July 31, 2006.
The offences were allegedly committed at Bursa Malaysia between Dec 23, 2005 and Sept 22, 2006.
They were sentenced under Section 122B (b)(bb) of the Securities Industry Act 1983, which carries a maximum RM3mil fine or 10 years jail, or both.
On Sept 29, 2011, Sessions Court judge Jagjit Singh Bant Singh fined Mok and Cheong a total of RM350,000, while Tok was fined a total of RM1.1mil.
The fine was inclusive of an additional charge of causing the issuance of the company's prospectus containing false information about revenue for the six-month financial period ending Jan 31, 2005.
Justice Mohd Azman also upheld the Sessions Court's decision to fine the company's former senior accounts executive, Normah Sapar, 36, who was made to pay RM350,000 fine after she pleaded guilty to five counts of abetting Tok in the crimes.
Deputy public prosecutor for Securities Commission Ahsani Mohd Nasir prosecuted.
Counsels Datuk K. Kumaraendran and Harvinderjit Singh appeared for Mok, while Cheong, Tok and Normah were represented by Datuk Mohd Yusof Zainal Abiden.