Kuala Lumpur, 26 December 2008

Gensoil Director pleaded guilty for submitting false information to SC

Tan Soon Geok @ Tan Soon Leng, 57, pleaded guilty in the Kuala Lumpur Sessions Court today for submitting false information to the Securities Commission (SC).

Tan, Executive and Managing Director of General Soil Engineering Holdings Berhad (Gensoil) at the material time, was charged in 2002 under section 122B(b)(aa) of the Securities Industry Act 1983 (SIA) for falsely declaring that he did not have any interest in the RM2.5 million Gensoil shares to be issued in a private placement, when in fact the Gensoil shares placed to 2 other individuals were found to be indirectly held by Tan. He was also charged under section 84(1) SIA for manipulating Gensoil shares.

Following the guilty plea for the offence under section 122B(b)(aa) SIA and also taking into account Tan’s admission to the charge under section 84(1) SIA, Tan was imposed a fine of RM150,000. The Court has ordered Tan to pay half of the fine by the end of today, and the remaining balance is to be paid by the end of January 2009. In default of this, Tan will be liable for imprisonment of three months.