SC charges three persons for submitting false information in NasionCom case
The Securities Commission (SC) today charged three individuals for their involvement in the submission of false information to the SC. This is in relation to NasionCom Holdings Bhd (NasionCom) financial statements for the year ended 31 December 2005 and NasionCom Prospectus for listing on the MESDAQ Market.
The three individuals charged were Dato’ Chee Kok Wing and Shamsul Khalid bin Ismail, both directors of NasionCom, and Mah Soon Chai, a shareholder of Express Top-Up Sdn Bhd, a subsidiary of NasionCom.
The Companies Commission of Malaysia (CCM) also preferred one charge against Dato’ Chee for authorising the making of false statements in NasionCom Sdn Bhd’s documents, namely invoices, dealer agreements, ledgers and bank deposit slips.
Dato’ Chee is being charged with two offences under the securities law and one offence under the Companies Act 1965:
Shamsul Khalid is charged in his capacity as director of NasionCom and therefore is deemed to have committed the offence under section s122B(a)(bb) SIA read together with s122 of the same Act .
Mah Soon Chai is charged for abetting NasionCom to submit the false information and therefore having committed an offence under section s122B(a)(bb) SIA read together with s122C of the same Act .
On conviction, Shamsul Khalid and Mah Soon Chai are liable to pay a maximum fine of RM3 million or imprisonment for a term not exceeding 10 years or both.
The Court has ordered the cases to be jointly tried on 21 to 23 November 2007. The Court granted bail to the accused persons in the following amount with one surety and their respective passports to be surrendered to the court:
The prosecution of these three individuals follows the SC’s action on 15 February 2007 where it publicly reprimanded NasionCom and directed the company to rectify and re-issue its financial statements for the financial year ended 31 December 2005.