The Malaysia Securities Commission has charged Dato’ Sri Liew Yew Chung, former executive director and group chief executive officer of London Biscuits Berhad, at the Kuala Lumpur Sessions Court for alleged offences involving the furnishing of a false financial statement to Bursa Malaysia Securities Berhad and the falsification of records of a listed corporation. Liew claimed trial to all 13 charges. One charge alleges he caused the furnishing of a false financial statement to the exchange on 30 August 2019, involving a quarterly report for the third quarter of the financial period ended 30 June 2019 that contained a false statement on cumulative revenue of MYR 285,985,000, under section 369(b)(B) of the Capital Markets and Services Act 2007, with liability attributed under section 367(1) due to his role at the time. A further 12 charges under section 368(1)(a) allege he instructed the creation of false sales transactions in the company’s accounting records between October 2018 and March 2019 totalling MYR 2,354,430; the stated maximum penalties include up to 10 years’ imprisonment and fines of up to MYR 3 million for the false statement charge and up to MYR 1 million for each falsification charge. The court granted bail of MYR 300,000 with two local sureties for all charges, ordered surrender of his passport, and required bi-monthly reporting to the Securities Commission’s investigating officer.

Original source View in tracker