Businessman jailed one day, fined RM400,000 for allowing friend to dispose of shares

KUALA LUMPUR: A businessman has been sentenced to one day in jail and fined RM400,000 by the Sessions Court here on Monday (Dec 12) for allowing his friend to dispose of more than 14 million shares in a local furniture manufacturer in his central depository system (CDS) account, 18 years ago.

Judge Azman Ahmad handed down the sentence on Siow Chung Peng, 52, after he changed his plea to guilty to an alternative charge during the defence trial which began in 2020.