Kuala Lumpur, 21 March 2013
SC Charges Three Former Directors of Axis Incorporation Bhd
The Securities Commission Malaysia (SC) today charged three former directors of Axis Incorporation Bhd (Axis) for providing false information to Bursa Malaysia Securities Bhd between 2006 and 2008.
Koh Tee Jin, Saipuddin Lim and Lee Han Boon were each charged with five counts of furnishing false statements relating to the revenue of Axis to Bursa Malaysia. The charges which were preferred under section 122B(b)(bb) of the Securities Industry Act 1983 and section 369(b)(B) of the Capital Markets and Services Act 2007, were in relation to false statements contained in Axis’ four quarterly reports for the financial year 2007 and the quarter ending 31 March 2008.
Axis, a garment manufacturing company, was delisted from Bursa Malaysia on 30 November 2010.
Koh Tee Jin, 47, Saipuddin, 54, and Lee Han Boon, 32, were each granted bail of RM100,000 with two sureties by Sessions Court judge Tuan Mat Ghani Abdullah and were required to surrender their passports to the court. The matter has been fixed for case management on 21 May 2013.
Deputy Public Prosecutor Ahsani Mohd Nasir represented the SC while Koh was represented by Datin Daljit Kaur and Chua Chen Cher acted for Saipuddin and Lee.
If convicted, the three former directors will be liable to a fine not exceeding RM3 million or imprisonment for a term not exceeding 10 years for each charge or both.
The SC stated that it will continue to bring enforcement actions to ensure accurate and timely disclosure of financial information by listed companies as this is an important aspect in upholding integrity and investor confidence in the capital market.
SECURITIES COMMISSION MALAYSIA