Kuala Lumpur, 15 April 2008
Misleading revenue figures – SC charged ex-Welli Multi MD and ED; compounded former CEO
The Securities Commission (SC) today charged Ang Sun Beng and Ang Soon An, the former Managing Director and Executive Director of Welli Multi Corporation Berhad (WMCB), for four counts of furnishing misleading statements to the SC and Bursa Malaysia Securities Berhad.
The two brothers, both Directors of WMCB when the company furnished the misleading statements, were charged under section 122B(a)(bb) read together with section 122(1) of the Securities Industry Act 1983 (SIA).
The misleading statements relate to the revenue figures in WMCB’s:
Upon conviction, the accused persons are liable to a fine not exceeding RM3 million or to imprisonment for a term not exceeding ten years, or both.