Remisier loses final bid to avoid imprisonment
23 June 2011   |   Kuala Lumpur
The Court of Appeal today upheld the High Court’s decision to convict a former remisier on 30 charges of short-selling of shares.

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. 


about the SC
The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

General Line: +603-6204 8000
General Email: [email protected]
© Copyright Securities Commission Malaysia.  Contact Us   |    Disclaimer   |   The site is best viewed using Microsoft Edge and Google Chrome with minimum resolution of 1280x1024
Generic Popup