Lua Yik Hor, a former remisier at KAF Seagrott Campbell Sdn Bhd, was charged on 21 May 1996 at the Kuala Lumpur Sessions Court for shortselling 960,000 units of North Borneo Timber Berhad shares on 27 March 1995.
In 2000, Lua was convicted of all 30 charges for the said shortselling and sentenced to two years imprisonment on each charge, all to run concurrently.
Lua filed an appeal which was dismissed by the High Court in 2009.
Today, the Court of Appeal, presided by Dato Hasan Lah, Datuk Hj Abdul Malik Hj Ishak and Dato Balia Yusof Hj Wahi, heard Lua’s appeal against the High Court’s judgment and dismissed the appeal. Lua was subsequently ordered to start serving his sentence as of today.
The SC has maintained that all 30 charges were proper and lawful as there were 30 offences of shortselling amounting to 960,000 units of NBT shares on that day. Each particular offence was completed when his order to sell matched on the market and at that material time he did not own such shares.
SECURITIES COMMISSION MALAYSIA
