Kuala Lumpur, 14 June 2010
Businesswoman linked to Liqua charged with securities fraud
The Securities Commission Malaysia (SC) today charged Alice Poh Gaik Lye, a businesswoman and former business coordinator of Liqua Health Corporation Berhad, for committing a scheme to defraud the company for RM9.75 million.
The charges against the businesswoman came hot in the heels of last week’s charging of Liqua’s former Managing Director Goh Bak Ming, for abetting in the case. Both cases underlined SC’s unrelenting efforts to bring those suspected of corporate wrongdoings to book.
Alice Poh, who was alleged to have committed the offence between 23 February 2007 and 31 July 2007, was charged under Section 87A(a) of the Securities Industry Act 1983 (SIA).
If convicted, she is liable to a fine of not less than RM1 million and imprisonment for a term not exceeding 10 years. She was granted bail of RM800,000 with 2 sureties and was further required to surrender all her travel documents including her passport to the Court. The Court will mention this case on 9 July 2010.
The scheme to defraud, which Alice Poh had allegedly committed, was to cause Liqua’s subsidiary, Liqua Health Marketing (M) Sdn Bhd (LHMM) to execute a Distribution Agreement with Wynsum Healthy Living Sdn Bhd in February 2007, which had resulted in the payment of RM12 million from LHMM to Wynsum. Out of that RM12 million, RM9.75 million was utilised to finance the purchase of over 45 million Liqua shares through the accounts of Tacforce International (Malaysia) Sdn Bhd and Chin Yi Ning, Alice Poh’s daughter.
Last week, the SC charged Goh Bak Ming for abetting Alice Poh to commit a scheme to defraud Liqua. Goh was charged under Section 87A(a) read together with Section 122C(c) of the Securities Industry Act 1983 (SIA), and is liable to a fine of not less than RM1 million and imprisonment for a term not exceeding 10 years upon conviction. Goh was granted bail of RM500,000 with 2 sureties and was further required to surrender all his travel documents including his passport to the Court. The case will be mentioned on 9 July 2010.
SECURITIES COMMISSION MALAYSIA