Former MIH Operations Manager sentenced to 3 years jail and fined RM1 million
25 March 2009   |   Kuala Lumpur
The Kuala Lumpur Sessions Court today convicted Ashari Rahmat, 39, under section 87A(b) of the Securities Industry Act 1983 for engaging in an act that operated as a deceit on UPA Corporation Berhad.

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.
SC-World Bank-IOSCO Asia Pacific Hub Conference 2019: Enhancing Financial Inclusion through Islamic Finance and FinTech
(From left to right):
  1. Abayomi A. Alawode, Head of Islamic Finance, Finance, Competitiveness and Innovation, The World Bank Group
  2. Datuk Syed Zaid Albar, Chairman of the Securities Commission Malaysia (SC)
  3. Dr. Firas Raad, Country Manager for Malaysia, East Asia and Pacific, The World Bank Group 
  4. Datuk Zainal Izlan Zainal Abidin, Deputy Chief Executive of SC
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