Enforcement Milestones in 2004
Key Criminal Prosecution Initiatives Criminal Breach of Trust Charges Against Directors
  • Tan Hooi Chong, a director of Kiara Emas Asia Industries Bhd (Kiara Emas), was charged for committing criminal breach of trust in relation to RM16.9 million of Kiara Emas’ rights issue proceeds.
  • Yip Yee Foo and Chung Wai Meng, directors of Cold Storage (Malaysia) Bhd (CSM), were charged for securities fraud and criminal breach of trust involving RM185 million of CSM’s funds.
Prosecution Against Professionals
  • Tan Kam Sang, the accountant of Kiara Emas, and Ravandran a/l Thangaveloo, a partner of Messrs Arthur Andersen & Co, were charged for furnishing false information to the SC pertaining to the status of utilisation of Kiara Emas’ rights issue proceeds.
  • Ng Chee Loong, the principal of Messrs Ng & Associates, was charged for causing Energro Bhd’s prospectus, which contained false information, to be issued.
Prosecution Following Revocation of SC’s Approval
  • Wira Tjakrawinata (also known as Kenneth Chow), an Indonesian, was charged for failing to inform the SC that information submitted to the SC in relation to Omega Holdings Bhd’s restructuring proposal may be false and for causing Energro Bhd’s prospectus, containing a material omission and false information, to be issued.
Key Convictions Secured
  • Credit Lyonnais Ltd and CIMB Securities Sdn Bhd were convicted of short selling and were fined RM400,000 each.
Key Civil Actions Initiated
  • Civil actions were initiated against Wan Azmi Wan Abdul Rahman and Kuala Lumpur City Securities Sdn Bhd in respect of the prohibited conduct of insider trading involving shares of Padiberas Nasional Bhd.
  • Court action was instituted to seek civil relief in respect of a proposal made to the SC for the restructuring scheme of Omega Holdings Bhd involving Energro Bhd.
Key Administrative Actions
  • The approval granted for the restructuring scheme of Omega Holdings Bhd was revoked.
  • The fund manager’s licence of Aiwanna Manage Assets Sdn Bhd was revoked.