SC arrests and charges Soh Chee Wen

The Securities Commission arrested Soh Chee Wen at the Kuala Lumpur International Airport this morning and charged him on two counts under Section 87A(a) of the Securities Industry Act 1983 (SIA) at the Shah Alam Sessions Court for defrauding Omega Securities Sdn Bhd.

Soh pleaded not guilty and was granted bail of RM2 million with two sureties. His passport and travel documents were surrendered to the Court as a condition of the bail. He is also required to report to the Subang Jaya Police Station fortnightly on Monday mornings.

Conviction under Section 87A(a) of the SIA carries a penalty of a minimum fine of RM1 million and a jail term of not more than 10 years.

14 May 2002