Page 203 - SC Annual Report 2018 (ENG)

Securities
Securities
Commission
Commission
Malaysia
Malaysia
ANNUAL
ANNUAL
REPORT
REPORT
2018
2018
Table 7
Outcome of criminal trials and appeals in 2018 (Continued)
Nature of
No. Offender(s) Description
offence
11. Misleading Wahid Ali Kassim Wahid Ali, a former director of Aiwanna Manage Assets Sdn Bhd
statements in Ali (Wahid Ali) (Aiwanna) was charged on 10 October 2005 with 3 counts of
connection with omitting to state a material fact pertaining to the investment of
the purchase of Aiwanna’s client, Eastern Pacific Industrial Corporation Bhd (EPIC)
securities whereby the material fact was necessary to make the statement
[s.87A (c) of the SIA of accounts issued to EPIC not misleading.
1983]
The High Court on 14 January 2013 dismissed Wahid Ali’s appeal
against his conviction and the sentence imposed by the Sessions
Court on 30 June 2009. Wahid Ali then filed an appeal to the
Court of Appeal. On 14 May 2015, the Court of Appeal remitted
the case to the High Court for a re-hearing of the appeal.

On 27 May 2016, at the re-hearing of the appeal, the High Court
confirmed the conviction for all 3 charges. For each charge, he
was sentenced to 1 year imprisonment term and a fine of RM1
million (in default of the total RM3 million fine, 1 year jail). The
imprisonment terms were to be served concurrently. The High
Court allowed for Wahid Ali’s application to stay the execution of
the sentences pending appeal to the Court of Appeal.
On 13 April 2018, the Court of Appeal allowed Wahid Ali’s appeal
and set aside the conviction by the Sessions Court and the High
Court.
12. Prohibited conduct Dato’ Lim Kim Dato’ Lim KC was charged with 11 charges under section 188(2)
of person in Chuan (a) of the CMSA for acquiring 398,000 units of M3nergy Bhd
possession of inside (Dato’ Lim KC) (M3nergy) shares between 6 August 2008 to 11 September 2008
information while in possession of inside information. Dato’ Lim KC was the
Tay Hup Choon CEO and Director of Melewar Industry Group Bhd and was also
(Tay HC) Director of M3nergy at the material time.
Theng Boon The inside information was in relation to the proposed take-over
Cheng (Theng BC) offer by Melewar (BVI) Ltd (Melewar) to acquire M3nergy which
was announced to Bursa Malaysia on 12 September 2008. The
shares were acquired by Dato’ Lim KC through trading accounts
belonging to 2 other individuals.

Tay HC was charged with 9 charges of abetting Dato’ Lim KC
in the commission of the offences under section 370(c) read
together with section 188(2)(a) of the CMSA. Tay HC was one of
the account holders of the trading account used by Dato’ Lim KC
to acquire the M3nergy shares. Tay is Dato’ Lim KC’s brother-in-law.

Theng BC was charged with 11 charges of abetting Dato’ Lim KC
in the commission of the offences under section 370(c) read
together with section 188(2)(a) of the CMSA. Theng BC was the
remisier who executed the trades of the M3nergy shares for Dato’
Lim KC.

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