Kuala Lumpur, 11 September 2013
SC Charges Two Former Directors of Silver Bird Group Berhad
Securities Commission Malaysia (SC) today charged two former directors of Silver Bird Group Berhad (Silver Bird), a manufacturer and distributor of bakery and confectionary products, for furnishing false information to Bursa Malaysia Securities Berhad between 2010 and 2011.
Dato’ Jackson Tan Han Kook, 59, and Derec Ching Siew Cheong, 51, were each charged with seven and eight counts respectively, of furnishing false statements relating to the revenue of Silver Bird in 2010 and 2011, to Bursa Malaysia. The charges, under section 369(b)(B) of the Capital Markets and Services Act 2007, were made following an SC investigation in relation to false statements contained in Silver Bird’s eight unaudited quarterly financial accounts for the financial years ended 31 October 2010 and 2011.
Following the company’s discovery of financial irregularities, Silver Bird announced in February 2012 that the company was deemed to be an affected listed issuer under Practice Note 17 of the Listing Requirements of Bursa Malaysia. Shortly after, the company removed both Tan and Ching from its board of directors.
Tan and Ching were each granted bail of RM250,000 with one surety each by Sessions Court Judge Tuan Murtazadi Amran and were required to surrender their passports to the court. The matter has been fixed for case management on 24 October 2013.
If convicted, Tan and Ching will be liable to imprisonment for a term not exceeding ten years and a fine not exceeding three million ringgit.
The SC regards accurate disclosures relating to the financial affairs of public listed companies as fundamental to ensuring trust and confidence in the capital market. It will continue to vigorously enforce breaches of this nature. In the past five years, the SC has successfully prosecuted six directors of public listed companies for similar breaches.