The Securities Commission Malaysia reported that the Kuala Lumpur High Court dismissed Lee Koon Huat’s appeal against his conviction and sentence for abetting the submission of false financial statements to Bursa Malaysia. The former adviser to the board of Axis Incorporation Berhad faces six months’ imprisonment and total fines of MYR 800,000. Trial evidence established that Lee instructed the inflation of revenue in Axis’ four unaudited quarterly results for financial year 2007. The High Court found that the prosecution had proved the charges beyond reasonable doubt and that the sentence was appropriate given Lee’s role. It upheld the Sessions Court’s April 11, 2022, sentence of six months’ imprisonment and a MYR 200,000 fine for each of four charges, with the prison terms running concurrently. The High Court granted a stay of execution of the prison sentence but declined to stay the fines. Lee must pay MYR 800,000 by October 28, 2026, or face imprisonment in default.
Securities Commission Malaysia reports High Court upholding former Axis adviser’s conviction and MYR 800,000 fine
The Securities Commission Malaysia reported that the Kuala Lumpur High Court rejected former Axis Incorporation Berhad board adviser Lee Koon Huat’s appeal over false financial statements for 2007. The court upheld concurrent prison terms of six months and total fines of MYR 800,000 across four charges. Imprisonment was stayed, but Lee must pay the fines by October 28, 2026, or face imprisonment in default.