Two convicted for cheating UPA Corporation Berhad
23 April 2010   |   Kuala Lumpur
The Kuala Lumpur Sessions Court has convicted Ashari Bin Rahmat and Fauzi Bin Ibrahim under Section 417 of the Penal Code for cheating UPA Corporation Berhad.

Both of them pleaded guilty yesterday. Ashari, who was Operations Manager of the Malaysian Issuing House at the material time, cheated UPA Corporation Berhad by switching 80 successfully balloted applications for its initial public offering shares with those that were not put through the balloting process. 

The offence, committed between 15 and 16 February 1997, had dishonestly induced UPA into believing the applicants were successfully balloted and had thereby alloted the initial public offering shares to them. 

The Court imposed a one day jail term and a fine of RM35,000 for Ashari. Fauzi was given a one day jail term and a fine of RM30,000. Judge SM Komathy also ordered for the forfeiture of over RM800,000 being proceeds from the sale of the IPO shares by Fauzi. 

Fauzi had deceived UPA Corporation into believing that the 80 applicants had applied for its IPO shares when in fact Fauzi was the beneficial owner of all the applications. By virtue of this deception, UPA Corporation was deceived into allotting the IPO shares to the 80 applicants. 

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