Ashari was an operations manager with the MIH, an issuing house in charge of handling the balloting of IPOs during the material time. He was paid RM10,000 for swapping 80 successfully balloted applications with those that were not put through the balloting process.
Ashari was convicted and sentenced to three years jail and a fine of RM1 million (in default of one year jail) by the Sessions Court in 2009. The High Court had dismissed Ashari’s appeal on 4 January 2012 and affirmed the said conviction and sentence. He had since filed an appeal to the Court of Appeal.
A three-panel Bench presided by Justice Haji Abdul Malik Haji Ishak, Justice Datuk Linton Albert and Justice Dato Haji Zawawi Salleh today confirmed Ashari’s conviction and sentence under section 87A(b) of the Securities Industry Act 1983. Ashari is currently serving his imprisonment sentence.
SECURITIES COMMISSION MALAYSIA