Page 206 - SC Annual Report 2018 (ENG)

Securities
Commission
Malaysia
ANNUAL
REPORT
2018

Table 7
outcome of criminal trials and appeals in 2018 (Continued)

Nature of
No. Offender(s) Description
offence
In August 2013, the Sessions Court ordered Ngu TU to enter his
defence on the alternative charge of committing CBT of RM37
million of PIB’s funds.

On 11 September 2015, the Sessions Court convicted Ngu TU of
CBT under section 409 Penal Code. Ngu TU was sentenced to 6
years imprisonment and RM1 million fine, whereby in default of
payment, 2 years imprisonment.

On 5 May 2017, the High Court allowed Ngu TU’s appeal and
set aside the conviction and sentence of the Sessions Court. The
Prosecution’s cross appeal on sentence was also dismissed.

On 6 September 2018, the Court of Appeal dismissed the
Prosecution’s appeal and affirmed Ngu TU’s acquittal.
17. Insider trading Lim Bun Hwa Lim BH was charged under section 370(c) of the CMSA read
(Lim BH) together with section 188(2)(a) of the CMSA, for abetting Lim
Boon Cheng in acquiring PacificMas Bhd (PacMas) shares between
18 December 2007 and 31 December 2007 while Lim Boon
Cheng was in possession of inside information in relation to the
proposed conditional take-over offer by OSPL Holdings Sdn Bhd
(OHSB) to acquire all the voting shares in PacMas not already
owned by OHSB.

On 3 October 2018, Lim BH pleaded guilty to 5 charges of
insider trading under section 188(2)(a) of the CMSA following a
plea bargaining application under section 172C of the Criminal
Procedure Code. Pursuant to the application, the abetment
charge against Lim BH was substituted with 5 charges of insider
trading. Lim BH was sentenced to 6 months imprisonment and a
fine of RM1 million.
18. Insider trading Lim Boon Cheng Lim BC was charged with 5 counts of insider trading under
(Lim BC) section 188(2)(a) of the CMSA. He was alleged to have acquired
145,000 units of PacificMas Bhd (PacMas) shares between 18
December 2007 and 31 December 2007 while in possession of
inside information in relation to the proposed conditional take-
over offer by OSPL Holdings Sdn BHd (OHSB) to acquire all the
voting shares in PacMas not already owned by OHSB.

On 3 October 2018, all charges against Lim BC were withdrawn
following the guilty plea by Lim Bun Hwa. The SC took
administrative action against Lim BC for breaching section 134(5)
(c) of the SCMA. A penalty of RM100,000 was imposed against
Lim BC by the SC in accordance with section 354(3) of the CMSA.

196 | PART 5 »» STATEMENTS, STATiSTiCS ANd ACTiviTiES

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