SC Charges Chan Kok Suan for Falsifying Information in Granasia Listing Proposal

Kuala Lumpur, 9 February 2006

The Securities Commission (SC) today charged Chan Kok Suan in the
Kuala Lumpur Sessions Court 2, one of the dedicated courts for capital market offences, for submitting false information to the SC.

Chan Kok Suan, the Group Managing Director/Chief Executive Officer of Granasia Corporation Bhd (GCB) and Managing Director of Foowood International Sdn Bhd (FISB) , was charged for causing to be submitted to the SC false information, namely the revenue and profit after tax of FISB Group for the year ended 31 December 2002, as contained in FISB's Financial Statements for the year ended 31 December 2002.

The accused is deemed to have committed charged for an offence under section 32B(1)(c)(aa) of the Securities Commission Act 1993 (SCA).

The false information was submitted in connection with GCB's application to the SC for its proposed corporate restructuring listing exercise, which included the acquisition of FISB and its subsidiaries. Among the information which is required to be submitted to the SC was FISB's Financial Statements for the five financial years ended 31 December 2002. The profit after tax reflected in the said accounts enabled GCB to qualify for listing on the Main Board of Bursa Malaysia.

On 6 June 2005, following the SC's investigation, the SC had revoked its earlier approval for GCB's proposed listing exercise.

The offence is punishable under section 32B(4) of the SCA 1993 and is liable upon conviction to , which carries a maximum fine of RM3 million or imprisonment not exceeding 10 years or both.

The Court has fixed the case for trial on 16-20 October 2006. The Court granted the accused bail of RM200,000 with one surety and his passport to be surrendered to the court.


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