Liew claimed trial to one charge of causing the furnishing of a false financial statement to Bursa Malaysia Securities Berhad on 30 August 2019. This is an offence under section 369(b)(B) of the Capital Markets and Services Act 2007 (CMSA).

According to the charge, the false statement relating to London Biscuits Berhad’s cumulative revenue, amounting to RM285,985,000, was contained in the company’s quarterly report in the third quarter of its financial period ended 30 June 2019.

Liew was deemed to have committed the offence under section 367(1) of the CMSA due to his position as a director and chief executive of London Biscuits Berhad at the material time.

If convicted, Liew could face imprisonment for a term not exceeding 10 years and shall also be liable to a fine not exceeding RM3 million.

In addition, Liew faced 12 charges under section 368(1)(a) of the CMSA for instructing the creation of false transactions concerning company sales in the accounting records of London Biscuits Berhad between October 2018 and March 2019.

The false transactions in all 12 charges amounted to a total sum of RM2,354,430. Liew claimed trial to all the charges. If convicted, Liew can be punished with a jail term not exceeding 10 years and shall also be liable to a fine not exceeding RM1 million.

Sessions Court judge Tuan Azrul bin Darus granted Liew bail at RM300,000 with two local sureties for all 13 charges. Liew was also ordered to surrender his passport to court and report to the SC’s Investigating Officer on a bi-monthly basis.

The SC regards accurate disclosures relating to the financial affairs of public listed companies as fundamental to ensure trust and confidence in the capital market. The SC will continue to vigorously enforce offences of this nature.