Kuala Lumpur, 8 June 2010
Former Liqua managing director charged with securities fraud
The Securities Commission Malaysia (SC) today charged Goh Bak Ming for abetting Poh Gaik Lye for committing a scheme to defraud Liqua Health Corporation Berhad for RM9.75 million between 23 February and 31 July 2007.
The scheme to defraud, which Goh (who is former Managing Director of Liqua) had abetted, involved causing Liqua’s subsidiary Liqua Health Marketing (M) Sdn Bhd to have entered into a Distribution Agreement with Wynsum Healthy Living Sdn Bhd in February 2007, which had resulted in the payment of RM12 million to Wynsum. Out of that RM12 million, RM9.75 million was utilised to finance the purchase of over 45 million Liqua shares through, amongst others, the account of Tacforce International (M) Sdn Bhd.
Goh was charged under Section 87A(a) read together with Section 122C(c) of the Securities Industries 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. He 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