KUALA LUMPUR: The Sessions Court here today postponed to Feb 15 for sentencing of Low Thiam Hock, also known as ‘Repco Low’, who has been found guilty of manipulating the company’s share price.
Judge Mat Ghani Abdullah set the date after lawyer Tan Sri Muhammad Shafee Abdullah, who appeared on behalf of lawyer Edmund Bon, the lead counsel for the former Repco Holdings Bhd chairman, informed the court that Bon was on medical leave and needed a long time to recover from the illness.
The prosecution, represented by deputy public prosecutor Ros Mawar Rozain, from the Securities Commission of Malaysia, said she was ready for the sentencing, which was set for today, but left it to the court’s discretion.
Last Jan 14, the court found Low guilty of the offence after finding that the defence had failed to raise reasonable doubts on the prosecution’s case.
In 1999, Low was charged with committing the offence by instructing a representative of Sime Securities Sdn Bhd to purchase Repco Holdings shares by taking up any offer prices of the shares at the Kuala Lumpur Stock Exchange.
The act was calculated to create confusion on the price of the shares on KLSE.
Low, from Kota Kinabalu, Sabah, was charged with committing the offence at Sime Securities, Level 21, Bangunan Sime Bank, Jalan Sultan Sulaiman, Kuala Lumpur, between 11 am and 5 pm on Dec 3, 1997.
The charge, under Section 84(1) of the Securities Industry Act 1983, read together with Section 88(b) of the same law, provides a minimum fine of RM1 million and imprisonment of up to 10 years, if found guilty.
On Nov 14, 2006, Low was acquitted of the charge by the Sessions Court without calling for his defence. The prosecution appealed.
On Oct 15, 2010, the High Court dismissed the prosecution’s appeal. The prosecution then filed an appeal to the Court of Appeal, which then ordered Low to enter his defence at the Sessions Court.- BERNAMA