Misleading revenue figures - SC charged ex-Welli Multi MD and ED; compounded former CEO

Kuala Lumpur, 15 April 2008

The Securities Commission (SC) today charged Ang Sun Beng and Ang Soon An, the former Managing Director and Executive Director of Welli Multi Corporation Berhad (WMCB), for four counts of furnishing misleading statements to the SC and Bursa Malaysia Securities Berhad.

The two brothers, both Directors of WMCB when the company furnished the misleading statements, were charged under section 122B(a)(bb) read together with section 122(1) of the Securities Industry Act 1983 (SIA).

The misleading statements relate to the revenue figures in WMCB’s:

  • Audited Financial Statements For Year Ending 31 December 2005;
  • Quarterly report for the financial period ended 31 March 2006;
  • Quarterly report for the financial period ended 30 June 2006; and
  • Quarterly report for the financial period ended 30 September 2006

Upon conviction, the accused persons are liable to a fine not exceeding RM3 million or to imprisonment for a term not exceeding ten years, or both.

Both Ang Sun Beng and Ang Soon An were released on bail of RM150,000 each with condition that their international passports be surrendered to the Court.

Additionally, the SC compounded WMCB’s former Executive Director and Chief Executive Officer, Tan Chin Han, for RM100,000 for knowingly authorizing the furnishing of a misleading statement to Bursa Malaysia Securities Berhad on 28 February 2007, in breach of section 122B SIA. The misleading statement relates to the revenue figures in WMCB’s quarterly report for the financial period ended 30 September 2006.


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