Ex-London Biscuits CEO charged over false statements
The Securities Commission said former London Biscuits CEO Liew Yew Chung pleaded not guilty to a total of 13 charges.
KUALA LUMPUR : A former executive director and group CEO of the now-delisted London Biscuits Bhd has been charged with furnishing a false financial statement to the stock exchange and falsifying records of a listed company.
In a statement, the Securities Commission said Liew Yew Chung pleaded not guilty to a total of 13 charges before sessions court judge Azrul Darus, Bernama reported.
Liew is accused of having caused the furnishing of a false financial statement in August 2019 concerning the company's cumulative revenue amounting to RM285,985 in its third quarter financial report.
He was also charged with 12 counts for allegedly instructing the creation of false sales transactions in the accounting records of London Biscuits between October 2018 and March 2019.
The total value of the false transactions across all 12 charges amounted to more than RM2.3 million.
Liew faces a penalty of up to 10 years' jail and a RM3 million fine if convicted. He was allowed bail at RM300,000, and was ordered to surrender his passport.
London Biscuits, based in Johor, was a major biscuits and snacks manufacturer with products distributed in Southeast Asia and the Asia-Pacific region. It went into liquidation and was ordered to be wound up in 2020 after it defaulted on more than RM250 million in bank loans.
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