Latest news with #RM285
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.
The Star
16-05-2025
- Business
- The Star
SC charges former ED/group CEO of London Biscuits for false financial statement, records
KUALA LUMPUR: The Securities Commission has charged the former executive director ad group CEO of London Biscuits Bhd for furnishing a false financial statement to the stock exchange and falsification of records. In a statement, the capital markets regulator said Datuk Sri Liew Yew Chung has claimed trial to one charge of causing the furnishing of a false financial statement to Bursa Malaysia Securities Bhd on Aug 30, 2019. This is an offence under section 369(b)(B) of the Capital Markets and Services Act 2007 (CMSA). According to the charge, the false statement relating to London Biscuits' cumulative revenue, amounting to RM285,985,000, 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 section 367(1) of the CMSA due to his position as a director and chief executive of London Biscuits. If convicted, Liew could face imprisonment for a term not exceeding 10 years and shall also be liable to a fine not exceeding RM3 million. In addition, Liew faced 12 charges under section 368(1)(a) of the CMSA 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 RM2,354,430. Liew claimed trial to all the charges. If convicted, Liew can be punished with a jail term not exceeding 10 years and shall also be liable to a fine not exceeding RM1 million. Sessions Court judge Tuan Azrul Darus granted Liew bail at RM300,000 with two local sureties for all 13 charges. Liew was also ordered to surrender his passport to court and report to the SC's Investigating Officer on a bi-monthly basis.
New Straits Times
16-05-2025
- Business
- New Straits Times
SC charges former London Biscuits CEO over false financial, accounting statements
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.
The Star
27-04-2025
- Business
- The Star
RON 95 reform should move forward, say experts
PETALING JAYA: Despite concerns over slower global economic growth and impending US tariffs, economists say the government should proceed cautiously with the planned rollout of the RON95 targeted subsidy scheme. Sunway University economics professor Dr Yeah Kim Leng said the current slump in global oil prices offers a more favourable window for the implementation, but urged caution given broader uncertainties. 'Rolling out the RON95 targeted subsidy scheme while global oil prices are falling would be less burdensome and more palatable compared to implementing it during a price spike,' he said. However, Yeah warned that the government must also weigh the risks of a global downturn, the unpredictability of US President Donald Trump's policies, and the uncertain impact of US tariffs. Given these risks, he suggested that a temporary pause might be appropriate until there is greater clarity on the tariff situation and its potential economic effects. 'A brief delay will not only strengthen the government's fiscal position but more importantly, put the country in a better position to withstand future oil price shocks,' he said, adding that the risks of uncertainty currently outweigh the cost of a slight postponement. 'Should a delay occur, immediate execution must follow once conditions stabilise. As things stand, a June rollout could still proceed as planned.' Oil prices have fluctuated sharply, dropping below US$60 (RM262) per barrel in early April before climbing to around US$65 (RM285) mid-month – still lower than US$74 (RM324) in December 2024. According to the International Energy Agency, current benchmark crude oil prices are at their lowest levels in four years. In light of this, some quarters have urged the government to delay the subsidy rationalisation. Economist Dr Geoffrey Williams disagrees, saying any delay would undermine structural reforms in Malaysia's fiscal policy. 'If subsidy rationalisation involves raising pump prices, perhaps in line with market rates, then now is the best time to push ahead,' he said. Williams warned that delaying the move would send the wrong message about the government's commitment to reform. 'There is no need to delay. It would be a huge disappointment and a sign of policy failure,' he said, adding that Malaysia is well-positioned in its tariff negotiations with the United States. Similarly, Emir Research founder Dr Rais Hussin said there is no compelling reason to delay the RON95 rationalisation but acknowledged that agility is needed in its implementation. 'Falling global oil prices and a stronger ringgit should ease the fiscal burden, allowing the government to roll out targeted subsidies with minimal shock to consumers,' he said. Asked if a wait-and-see approach was appropriate, Rais said scenario planning is wise but ruled out a blanket postponement. 'A complete delay would send the wrong signal about policy commitment. Malaysia has already delayed targeted fuel subsidies for years. Clear communication is needed now to assure the public that targeting does not mean burdening the vulnerable,' he said. Instead, Rais proposed that the government prepare contingency measures, such as scaling up direct cash aid or adjusting eligibility criteria, if global economic conditions worsen after July. 'A wait-and-see approach should apply to adjusting the mechanism – not abandoning the principle,' he said.
