Kuala Lumpur, 1 June 2016
SC Charges Former CEO and Directors for Illegal Issuance of Shares
The Securities Commission Malaysia (SC) today charged three individuals for illegally offering and issuing shares without registering a prospectus with the SC.
Raja Samsul Bahri bin Raja Muhammad (48), Noor Aida binti Abdullah and Abdul Malek bin Yusof (both 43), were charged at the Kuala Lumpur Sessions Court today for the offence. The accused persons, were said to have offered and issued more than 6.9 million shares through a company known as Astana Resources Bhd (formerly known as JPG Holdings Bhd), between 30 April 2010 and 19 November 2012. Raja Samsul, at the material time, was the Chief Executive Officer of Astana while Noor Aida and Abdul Malek, were directors of the same company.
The three were charged under section 232(1) of the Capital Markets and Services Act 2007 (CMSA), for offering and issuing securities without a prospectus having been registered with the SC. If convicted, the accused persons will be liable to a fine not exceeding RM10 million or to imprisonment for a term not exceeding 10 years or both.
All three accused claimed trial at the Sessions Court and each accused was granted a bail of RM200,000 with one surety. They were also ordered to surrender their passports.
SECURITIES COMMISSION MALAYSIA