Kuala Lumpur, 2nd March 2009

Court upholds conviction for short-selling of shares

The High Court had, on Friday 27 February 2009, dismissed the appeal of Lua Yik Hor against a conviction and sentence for short-selling of shares.

Judge Dato Ahmad bin Maarop dismissed the appeal against conviction and sentence after hearing submissions from both the Prosecution and the Accused. The Judge also maintained the imprisonment sentence imposed by the Sessions Court but had agreed to a stay of execution pending the decision of the Court of Appeal.

On 10 November 2000, the Sessions Court convicted Lua Yik Hor for 30 charges of short selling North Borneo Timber shares in 1995. He was sentenced to two (2) years imprisonment on each charge, the sentence of which is to run concurrently from the date of sentence.

The High Court granted Lua Yik Hor bail at RM100,000 with two sureties.