Kuala Lumpur, 11 March 2009
SC charges former Welli Multi CEO
The Securities Commission (SC) today charged Tan Chin Han for knowingly authorising the provision of a misleading statement to Bursa Malaysia Securities Berhad (Bursa) regarding Welli Multi Corporation Berhad’s (WMCB) revenue.
The misleading statement provided to Bursa concerns WMCB’s reported revenue of RM182,715,000, and is included in the company’s quarterly report for the financial period ended 30 September 2006.
Tan, the former Chief Executive Officer and Executive Director of WMCB, was charged under section 122B(b)(bb) of the Securities Industry Act 1983 (SIA). Upon conviction, the accused is liable to a fine not exceeding RM3 million or imprisonment for a term not exceeding 10 years, or both.
Tan was released on bail of RM80,000 with one surety, on the condition his passport be surrendered to the Court.
The Prosecution will be seeking a joint trial order for Tan along with former WMCB directors Ang Sun Beng and Ang Soon An, who in 2008 were also charged under the SIA 1983 for four counts of the same misdemeanour.