Businessman pays the price for allowing friend to dispose of shares

KUALA LUMPUR: A businessman was sentenced to one day in jail and fined RM400,000 for allowing his friend to dispose of more than 14 million shares in a local furniture manufacturer in his central depository system (CDS) account some 18 years ago.

Sessions Court judge Azman Ahmad handed down the sentence on Siow Chung Peng, 52, after he changed his plea and pleaded guilty to an alternative charge during the defence trial.Siow was ordered to serve the prison sentence yesterday. He paid the fine.