Axis’ Former Executive Directors Jailed for Furnishing False Statements

10 July 2017 | Kuala Lumpur

The Kuala Lumpur Sessions Court today convicted and jailed two former executive directors of Axis Incorporation Bhd (Axis) for furnishing false statements to Bursa Malaysia Securities Bhd.

Lee Han Boon and Saipuddin Lim Abdullah both pleaded guilty for furnishing false information to the stock exchange in relation to Axis’ revenue of RM91.13 million. Out of that amount, RM51.5 million was false for the fourth quarter ended 31 March 2008.

Lee and Saipuddin also respectively faced four other counts of the same offence in relation to Axis’ consolidated income statement for all four quarters in its financial year ended 2007. The Sessions Court Judge Azman Ahmad took into consideration these in sentencing Lee and Saipuddin.

Lee, 36, a former substantial shareholder and executive director of Axis was sentenced to seven months imprisonment and fined RM200, 000. Saipuddin, 58, also a former substantial shareholder and executive director of Axis was sentenced to 12 months imprisonment.

The trial against Lee and Saipuddin started in 2015. It will continue against two other individuals, Koh Tee Jin and Lee Koon Huat, who were charged and jointly tried with Lee and Saipuddin for the same offences.

The sentences were meted out by the Sessions Court following Lee and Saipuddin’s applications for a plea bargain under the provision of section 172C of the Criminal Procedure Code.

SECURITIES COMMISSION MALAYSIA