As Operations Manager of the Malaysian Issuing House at the material time, Ashari participated in a scheme that switched the successful applications for UPA Corporation Berhad shares with those that were not put through the balloting process. The offence was committed between 15 and 16 February 1997.

Sessions Court Judge Puan Rosenani Abdul Rahman sentenced Ashari to three years imprisonment and a fine of RM1 million (in default 12 months imprisonment). She also agreed to stay the sentence pending his appeal at the High Court, and set 16 April 2009 as the date of mention to ascertain his bail.

In addition to Ashari Rahmat, the Securities Commission (SC) had charged three other individuals who participated in the scheme. Safiruri Idham had pleaded guilty before trial commenced and was sentenced to 30 months imprisonment. He has served the sentence.

The other two accused, Lee Han Kiong and Tan Tiam Lay, pleaded guilty half-way through the trial to charges under Section 417 of the Penal Code. The Sessions Court’s sentence of 20 months imprisonment was substituted with a fine of RM30,000 by the High Court.