Kuala Lumpur , 25 March 2008

Duo fined RM150,000 for breach of securities laws

The Kuala Lumpur Sessions Court today fined Siti Mariam Berahim and Dr. Barjoyai Bardai for offences committed under the Securities Industry Act 1983 (SIA). The two were earlier found guilty by the same Court on 13 March 2008.
In his sentencing today, Judge Tuan Haji Akhtar Tahir imposed a fine of RM50,000 or in default six months imprisonment and RM100,000 or in default eight months imprisonment, against Siti Mariam and Dr. Barjoyai respectively.
Siti Mariam, a former freelance agent of Perdana Technology Ventures Sdn Bhd (PTV), was convicted under section 15B of the SIA for acting as a fund manager’s representative of PTV without a licence.
Meanwhile Dr. Barjoyai Bardai, who was charged in his capacity as a director of PTV, was convicted under section 18(2) of the SIA, read together with section 122 of the same Act, for breaching a condition of PTV’s licence condition by allowing Siti Mariam Berahim and Nublan Zaky Yusoff to act as its fund manager’s representatives without licence.
The Securities Commission’s (SC) investigation found that Siti Mariam and Nublan Zaky had acted on behalf of PTV by making presentations to the public on investment opportunities and had collected funds from the public for the purpose of investment with PTV.
Nublan Zaky had pleaded guilty earlier on 23 September 2003 and was fined RM600,000. This was subsequently reduced to RM240,000 upon appeal.