Kuala Lumpur, 21 October 2009
Former Group MD of Polymate Holdings convicted for submitting false statement
The Kuala Lumpur Sessions Court on 20 October 2009 convicted Ng Kim Weng for submitting false statement to the Malaysian Securities Exchange Berhad (now known as Bursa Malaysia Securities Berhad). The conviction follows Ng’s guilty plea to the above offence which falls under section 122B(b)(bb) of the Securities Industry Act 1983 (SIA).
As Group Managing Director of Polymate Holdings Berhad (Polymate) at the material time, Ng had authorised the submission of false statements through the reported Trade Receivables and Revenue in Polymate’s Consolidated Balance Sheet and Income Statement for its financial year ended 30 September 2003.
Ng, 57, who was also Managing Director of Polymate’s wholly-owned subsidiary ABI Malaysia Sdn Bhd, admitted that the figures on the Consolidated Balance Sheet and Income Statement consisted of fictitious sales amounting to RM22,736,447 made to 3 companies which were either dormant or non-existent.
Sessions Court Judge Tuan Asmadi bin Hussin imposed a fine of RM300,000 (in default 12 months imprisonment) following Ng’s guilty plea.