Former Adviser of Axis Incorporation Bhd Sentenced to Six Months Jail and Fine of RM800,000

11 April 2022  |  Kuala Lumpur

The Kuala Lumpur Sessions Court today convicted Lee Koon Huat, former Adviser to the Board of Directors of Axis Incorporation Bhd (Axis), for abetting the company in furnishing false financial statements in Axis’ quarterly reports for the financial year 2007.

Lee was charged on 26 March 2013 with four charges under section 122C(c) read together with section 122B(a)(bb) of the Securities Industry Act 1983 (SIA). Evidence showed that he had given instructions to inflate Axis’ revenue figures in its unaudited quarterly results in 2007.

KL Sessions Court judge Tuan Azman Ahmad sentenced Lee to six months’ imprisonment and fined him RM200,000 for each charge (in default, six months’ imprisonment). The court also ordered for the imprisonment term to be served concurrently.

The SC, in 2013, had also charged former executive directors of Axis, Lee Han Boon, Saipuddin Lim Bin Abdullah and Koh Tee Jin, with five charges each for furnishing false financial statements relating to the revenue of Axis for financial years 2007 and 2008.

Lee Han Boon, Saipuddin and Koh all pleaded guilty and received sentences ranging from one day to 12 months’ imprisonment and fines of RM200,000 each.


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