SC charges Tan Siok Wan and Lee Sin Teck for falsifying information in GP Ocean listing proposal
The Securities Commission (SC) today charged Tan Siok Wan and Lee Sin Teck in the Kuala Lumpur Sessions Court 1 for submitting misleading information to the SC.
Tan Siok Wan, co-founder and Executive Director/Chief Operating Officer of GP Ocean, and Lee Sin Teck, co-founder and Managing Director/Executive Vice Chairman of GP Ocean, were charged for submitting misleading information to the SC in connection with GP Ocean’s proposal for listing on the Main Board of Bursa Malaysia Securities Berhad.
GP Ocean submitted its listing proposal to the SC on 23 August 2005. The proposal was later revised by GP Ocean and resubmitted to the SC on 15 February 2006.
Following the SC’s investigation, it was revealed that the misleading information submitted was contained in:
a) the GP Ocean’s ‘Directors’ Report and Audited Financial Statements 31 January 2006′ at page nine and 25; and
b) the list titled ‘GP Ocean Food Berhad Top Ten Customer’.
Tan Siok Wan and Lee Sin Teck are charged for an offence under section 32B(1)(a)(aa) of the Securities Commission Act 1993 (SCA) read together with section 138(2) of the SCA.
The SC also served a summons on GP Ocean’s company secretary today. The summons was issued against GP Ocean for an offence under section 32B(1)(a)(aa) of the SCA with a return date of 8 May 2007. The case against both the accused persons today was also fixed for mention on 8 May 2007 to allow the parties to submit on the issue of joint trial.
The offence against the company and the accused persons is punishable under section 32B(4) of the SCA and is liable upon conviction to a maximum fine of RM3 million or imprisonment not exceeding 10 years or both.
The Court has fixed the case for trial on 29 October 2007 to 2 November 2007. The Court granted the accused persons bail in the sum of RM500,000 each with one surety.