Updates on Criminal Prosecution in 2023
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Outcome of Criminal Trials and Appeals

Market manipulation

Low Thiam Hock

Low, former Executive Chairman of Repco Holdings Berhad (“Repco”), was charged for manipulating the price of Repco shares under section 84(1) of the Securities Industry Act (‘SIA’) 1983

On 11 January 2016, after a full trial, the Sessions Court convicted Low of market manipulation under section 84(1) of the Securities Industry Act 1983. On 29 February 2016, Low was sentenced to 5 years imprisonment and a fine of RM5 million (in default 5 years imprisonment). Low filed an appeal to the High Court against his conviction and sentence.

On 17 February 2023, the High Court dismissed Low’s appeal against conviction and affirmed the finding of guilt by the Sessions Court.

The High Court however allowed Low’s appeal against sentence in part, whereby the court reduced the sentence of imprisonment from five years to one year but maintained the fine of RM5 million handed down by the Sessions Court in 2016.

Following the judgment, the High Court further granted a stay of execution of the sentence of both the imprisonment term and fine pending the disposal of Low’s appeal to the Court of Appeal. The Prosecution has also filed an appeal to the Court of Appeal against the High Court's decision in reducing the imprisonment term.

Background Low was charged on 18 September 1999. At the end of the Prosecution’s case during which 25 witnesses were called, the Sessions Court acquitted Low on the basis that the charge was not proven. The Securities Commission (“SC”) then appealed to the High Court which affirmed the Sessions Court’s decision. On further appeal by the SC, the Court of Appeal on 28 February 2013 overturned the decision of the High Court and ordered Low to enter his defence on the charge against him, and remitted the case to the Sessions Court for the defence case to be heard. The defence case commenced on 18 October 2013.

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