Kuala Lumpur, 11 January 2016
Former Repco Executive Chairman Low Thiam Hock Found Guilty Of Market Manipulation
The Kuala Lumpur Sessions Court today found Low Thiam Hock, also known as Repco Low (Low) guilty of market manipulation involving the shares of Repco Holdings Bhd (Repco). Low was a former Executive Chairman of Repco.
In convicting Low, Judge Mat Ghani Abdullah found that Low had failed to raise a reasonable doubt on the prosecution’s case, and that his defence only amounted to a bare denial and an afterthought.
Low, 53, was convicted for acts calculated to create a misleading appearance with respect to the price of Repco shares on the Kuala Lumpur Stock Exchange on 3 December 1997, an offence under section 84(1) of the Securities Industry Act 1983 (SIA). Under section 91 of SIA, Low is liable to a minimum fine of RM1 million and imprisonment not more than 10 years.
Low was charged by the SC in the Sessions Court on 18 September 1999. At the end of the prosecution’s case during which 25 witnesses were called, the Sessions Court acquitted Low on the basis that the charge was not proven. The SC then appealed to the High Court which affirmed the Sessions Court’s decision. The Court of Appeal however, on 28 February 2013 overturned the decision of the High Court and ordered Low to defend the charge against him, reverting the case back to the Sessions Court.
Judge Mat Ghani Abdullah held that the court was satisfied that Low, through the manner of buying 227,000 units of Repco shares on 3 December 1997, had in fact created a misleading appearance as to the price of Repco shares on the stock exchange.
Sentencing has been fixed for 19 January 2016. In the meantime, Low is required to surrender his passport to Court.
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