Ashari was an operations manager with the MIH, an issuing house in charge of handling the balloting of IPOs during the material time. He was paid RM10,000 for swapping 80 successfully balloted applications with those that were not put through the balloting process.
The charges against Lee Koon Huat at the Sessions Court here today followed the SC’s enforcement action against Koh Tee Jin, Saipuddin Lim and Lee Han Boon, former directors of Axis, on 21 March 2013.
The SC preferred four charges against Lee Koon Huat under section 122B(a)(bb) Securities Industry Act 1983 (SIA) in relation to false statements in Axis’ four quarterly reports for the financial year ended 31 March 2007. If convicted, he will be liable to a fine of up to RM3 million or imprisonment for a term not exceeding 10 years or both, for each charge.
Sessions Court Judge Puan Norsharidah Awang granted Lee bail of RM 200,000 with two sureties. He is also required to surrender his passport to the court. Prosecuting Officer Krishantini Palaraja represented the SC while Lee was represented by A. Krishna Kumar.
The case was fixed for case management on 21 May 2013 and the court is scheduled to hear the Prosecution’s application for the joint trial of Lee, Koh Tee Jin, Saipuddin Lim and Lee Han Boon on 11 April 2013.
SECURITIES COMMISSION MALAYSIA
