Low Thiam Hock jailed five years, fined RM5 million over Repco share manipulation

Kuala Lumpur skyline
Share This Post

The Sessions Court today sentenced Low Thiam Hock aged 53, to five years imprisonment and a fine of RM5 million for the manipulation of Repco Holdings Berhad shares in 1997. Low was convicted for an offence under section 84(1) of the Securities Industry Act 1983 (SIA) for acts calculated to create a misleading appearance with respect to the price of Repco shares on 3 December 1997, on the then Kuala Lumpur Stock Exchange.

On 11 January 2016 the Sessions Court convicted Low of the offence charged and sentencing was then fixed on 29 February 2016. Following today’s sentencing, the Sessions Court allowed Low’s application for a stay of the decision pending his appeal to the High Court. In light of the conviction and sentence however, Low’s bail was increased to RM1.3 million while his passport had earlier been ordered to be surrendered to the court.

Low was charged by the SC in the Sessions Court on 18 September 1999. At the end of the prosecution case during which 25 witnesses were called, the Sessions Court acquitted Low on the basis that the charge was not proven. The SC then appealed to the High Court which affirmed the Sessions Court decision. The Court of Appeal however, on 28 February 2013 overturned the decision of the High Court and ordered Low to defend the charge against him, reverting the case back to the Sessions Court.

The sentence against Low is the highest imprisonment term imposed by the courts in a market manipulation case.

_____________

SECURITIES COMMISSION MALAYSIA

Members of the Media may contact the Corporate Affairs Department at 03-62048305 (Lau Mei San), 03-62048265 (Delyana Nordin), 03-62048242 (Mohamad Lutfi Hakim), or fax no.: 03-62015078 or e-mail: [email protected]

 Background information:

The Securities Commission Malaysia (SC), a statutory body reporting to the Minister of Finance, was established under the Securities Commission Act 1993. It is the sole regulatory agency for the regulation and development of capital markets. The SC has direct responsibility for supervising and monitoring the activities of market institutions, including the exchanges and clearing houses, and regulating all persons licensed under the Capital Markets and Services Act 2007. More information about the SC is available on its website at www.sc.com.my. Follow SC on twitter at @SecComMy for more updates.

 

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>