SC charges former London Biscuits CEO over false financial, accounting statements

New Straits Times

16-05-2025

KUALA LUMPUR: The Securities Commission (SC) has charged former executive director and group chief executive officer of London Biscuits Bhd for false financial statement and falsification of company's accounting records.
In a statement, SC said Datuk Seri Liew Yew Chung claimed trial for offences relating to furnishing of a false financial statement to the stock exchange and falsification of records of a listed corporation.
Liew claimed trial to one charge of causing the furnishing of a false financial statement to Bursa on Aug 30, 2019, an offence under the Capital Markets and Services Act 2007 (CMSA).
According to the charge, the false statement relating to London Biscuits' cumulative revenue, amounting to over RM285 million, 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 the CMSA due to his position as a director and chief executive of London Biscuits at the material time," the SC said.
If convicted, he could face imprisonment for a term not exceeding 10 years and will also be liable to a fine not more than RM3 million.
He also faced 12 charges under the Act 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 RM2.35 million.
He claimed trial to all the charges and if convicted, Liew can be punished with a jail term not more than 10 years and shall also be liable to a fine not exceeding RM1 million.
Sessions Court judge Azrul Darus granted Liew bail at RM300,000 with two local sureties for all 13 charges.
He was also ordered to surrender his passport to court and report to the SC's investigating officer on a bi-monthly basis.
"The SC regards accurate disclosures relating to the financial affairs of public listed companies as fundamental to ensure trust and confidence in the capital market.
"The SC will continue to vigorously enforce offences of this nature," the commission added.