Latest news with #CMSA
Barnama
21-05-2025
- Business
- Barnama
Federal Court Dismisses Leave Application By Ex-Patimas Deputy Chairman In Insider Trading Case
PUTRAJAYA, May 21 (Bernama) – The Federal Court today unanimously dismissed an application by former Patimas Computers Bhd deputy chairman, Datuk Raymond Yap Wee Hin, for leave to appeal against his liability for insider trading offence committed in 2012. A three-member bench led by Chief Justice Tun Tengku Maimun Tuan Mat, together with Federal Court Judges Datuk Vazeer Alam Mydin Meera and Datuk Lee Swee Seng, affirmed the earlier decisions of the Court of Appeal and High Court. The court ordered him to pay RM30,000 costs to the Securities Commission (SC). Yap had sought to challenge the Court of Appeal's unanimous decision on Nov 27, 2024, which upheld the High Court's finding that he was liable for insider trading of Patimas Computers Berhad (Patimas) shares in 2012. The Securities Commission Malaysia (SC), which initiated the civil suit in 2020, alleged that Yap had breached sections 188(2)(a) and (b) of the Capital Markets and Services Act 2007 (CMSA) by disposing of 43.8 million Patimas shares held by former managing director Law Siew Ngoh, between June and July 2012. SC claimed that at the time, Yap was in possession of material, non-public information relating to audit queries and issues regarding suspicious transactions between Patimas and its top debtors. 'The matter had been raised and discussed by Patimas' external auditor during a meeting with the company's management,' the Commission said in a statement. On July 31, 2012, Patimas' Board of Directors announced to Bursa Malaysia that the company would not be able to issue the company's Annual Audited Financial Statements for the financial period from Jan 1, 2011 to March 31, 2012 due to unresolved significant audit findings/queries. The statement stated that following a full trial at the High Court, Yap was ordered to pay to the SC a disgorgement of RM3.28 million, which is equal to three times the losses avoided by Yap as a result of the breach, and a civil penalty of RM1 million.
The Star
21-05-2025
- Business
- The Star
Federal Court upholds insider trading ruling against former Patimas deputy chairman
PETALING JAYA: The Federal Court has unanimously dismissed former Patimas Computers Bhd deputy chairman Datuk Raymond Yap Wee Hin's application for leave to appeal. In a statement, the Securities Commission (SC) said the Federal Court affirmed the decisions of the Court of Appeal and the High Court. 'The leave application was filed by Yap following the unanimous decision of the Court of Appeal, on Nov 27, 2024, which had affirmed the High Court's finding that he was liable for insider trading of Patimas shares in 2012.' In a civil action filed in 2020, the SC claimed that Yap had breached section 188(2)(a) and (b) of the Capital Markets and Services Act 2007 (CMSA) when he disposed a total of 43.8 million Patimas shares held by Law Siew Ngoh, former managing director of Patimas, between June and July 2012. 'At the time, Yap was in possession of material, non-public information relating to audit queries and issues regarding suspicious transactions between Patimas and its top debtors. 'The matter had been raised and discussed by Patimas' external auditor during a meeting with the company's management.' On July 31, 2012, Patimas' board of directors announced to Bursa Malaysia that the company would not be able to issue the company's annual audited financial statements for the financial period from Jan 1, 2011 to March 31, 2012 due to unresolved significant audit findings/queries. 'At the High Court, following a full trial, Yap was ordered to pay to the SC a disgorgement of RM3.28mil, which is equal to three times the losses avoided by Yap as a result of the breach, and a civil penalty of RM1mil. 'Yap was also prohibited from being appointed as director in any public-listed company for a period of five years, with effect from the date of the High Court judgment on April 7,2022.' The Federal Court, in dismissing Yap's application for leave to appeal, directed him to pay costs of RM30,000 to the SC.
The Sun
16-05-2025
- Business
- The Sun
SC charges former London Biscuits CEO with falsifying financial statement, corporate records
KUALA LUMPUR: The Securities Commission Malaysia (SC) today charged Datuk Seri Liew Yew Chung, former executive director and group chief executive officer of London Biscuits Berhad, in the Sessions Court here for furnishing a false financial statement to the stock exchange and falsifying records of a listed corporation. Based on a statement issued by the SC, Liew faced a total of 13 charges before Sessions Court Judge Azrul Darus and pleaded not guilty to all of them. On the first charge, Liew is accused of having caused the furnishing of a false financial statement to Bursa Malaysia Securities Berhad on Aug 30, 2019, an offence under Section 369(b)(B) of the Capital Markets and Services Act (CMSA) 2007. The charge relates to a false statement concerning London Biscuits Berhad's cumulative revenue amounting to RM285,985, which was contained in the company's third quarter financial report for the period ended June 30, 2019. By virtue of his position as a director and group CEO of London Biscuits Berhad at the material time, Liew is deemed to have committed the offence under Section 367(1) of the CMSA. Liew faces a maximum sentence of 10 years imprisonment and a fine not exceeding RM3 million, upon conviction. Separately, he was also charged with 12 counts under Section 368(1)(a) of the CMSA 2007 for instructing the creation of false sales transactions in the accounting records of London Biscuits Berhad between October 2018 and March 2019. The total value of the false transactions across all 12 charges amounts to RM2,354,430. Upon conviction, each charge carries a maximum penalty of 10 years imprisonment and a fine not exceeding RM1 million. The Sessions Court allowed bail at RM300,000 with two local sureties for all 13 charges. Liew was further ordered to surrender his passport to the court and to report to the SC's investigating officer twice a month.
The Sun
16-05-2025
- Business
- The Sun
Ex-CEO of London Biscuits faces 13 fraud charges
KUALA LUMPUR: The Securities Commission Malaysia (SC) today charged Datuk Seri Liew Yew Chung, former executive director and group chief executive officer of London Biscuits Berhad, in the Sessions Court here for furnishing a false financial statement to the stock exchange and falsifying records of a listed corporation. Based on a statement issued by the SC, Liew faced a total of 13 charges before Sessions Court Judge Azrul Darus and pleaded not guilty to all of them. On the first charge, Liew is accused of having caused the furnishing of a false financial statement to Bursa Malaysia Securities Berhad on Aug 30, 2019, an offence under Section 369(b)(B) of the Capital Markets and Services Act (CMSA) 2007. The charge relates to a false statement concerning London Biscuits Berhad's cumulative revenue amounting to RM285,985, which was contained in the company's third quarter financial report for the period ended June 30, 2019. By virtue of his position as a director and group CEO of London Biscuits Berhad at the material time, Liew is deemed to have committed the offence under Section 367(1) of the CMSA. Liew faces a maximum sentence of 10 years imprisonment and a fine not exceeding RM3 million, upon conviction. Separately, he was also charged with 12 counts under Section 368(1)(a) of the CMSA 2007 for instructing the creation of false sales transactions in the accounting records of London Biscuits Berhad between October 2018 and March 2019. The total value of the false transactions across all 12 charges amounts to RM2,354,430. Upon conviction, each charge carries a maximum penalty of 10 years imprisonment and a fine not exceeding RM1 million. The Sessions Court allowed bail at RM300,000 with two local sureties for all 13 charges. Liew was further ordered to surrender his passport to the court and to report to the SC's investigating officer twice a month.
Malay Mail
16-05-2025
- Business
- Malay Mail
Securities Commission takes action against ex-London Biscuits CEO over 13 counts of falsified financial reports
KUALA LUMPUR, May 16 — The Securities Commission Malaysia (SC) today charged Datuk Seri Liew Yew Chung, former executive director and group chief executive officer of London Biscuits Berhad, in the Sessions Court here for furnishing a false financial statement to the stock exchange and falsifying records of a listed corporation. Based on a statement issued by the SC, Liew faced a total of 13 charges before Sessions Court Judge Azrul Darus and pleaded not guilty to all of them. On the first charge, Liew is accused of having caused the furnishing of a false financial statement to Bursa Malaysia Securities Berhad on Aug 30, 2019, an offence under Section 369(b)(B) of the Capital Markets and Services Act (CMSA) 2007. The charge relates to a false statement concerning London Biscuits Berhad's cumulative revenue amounting to RM285,985, which was contained in the company's third quarter financial report for the period ended June 30, 2019. By virtue of his position as a director and group CEO of London Biscuits Berhad at the material time, Liew is deemed to have committed the offence under Section 367(1) of the CMSA. Liew faces a maximum sentence of 10 years imprisonment and a fine not exceeding RM3 million, upon conviction. Separately, he was also charged with 12 counts under Section 368(1)(a) of the CMSA 2007 for instructing the creation of false sales transactions in the accounting records of London Biscuits Berhad between October 2018 and March 2019. The total value of the false transactions across all 12 charges amounts to RM2,354,430. Upon conviction, each charge carries a maximum penalty of 10 years imprisonment and a fine not exceeding RM1 million. The Sessions Court allowed bail at RM300,000 with two local sureties for all 13 charges. Liew was further ordered to surrender his passport to the court and to report to the SC's investigating officer twice a month. — Bernama
