Kuala Lumpur, 28 April 2009
SC charges United U-Li Corporation Berhad’s external auditor for inflated profit
The Securities Commission (SC) today charged Yue Chi Kin, 41, in the Kuala Lumpur Sessions Court for abetting United U-Li Corporation Berhad in submitting false information to Bursa Malaysia Securities Bhd (Bursa).
The false information is in relation to the profit before tax declared by United U-Li Corporation to Bursa in its Annual Report and Financial Statements for the year ended 31 December 2004. The financial statements were audited by Roger Yue, Tan & Associates, in which the accused was the engagement partner.
Following the SC’s investigation, it was revealed that the profit before tax declared by the company in the report was inflated.
The accused was charged under section 122B(b)(bb) of the Securities Industry Act 1983 read together with section 122C(c) of the same Act. He was charged after having failed to pay the compound offered by the Prosecution.
Upon conviction the accused is liable to a fine not exceeding RM3 million or to imprisonment for a term not exceeding ten years or both.
Yue was released on bail of RM100,000 with one surety, on the condition that his passport be surrendered to the Court.