The Sessions Court today found Repco Holdings Bhd former executive chairperson, ‘Repco Low’, guilty of misleading the public on the company’s share price, 19 years ago.
Judge Mat Ghani Abdullah ruled that the defence had failed to raise a reasonable doubt in the prosecution’s case against Low Thiam Hock, 54.
The court set Jan 19 for sentencing after granting counsel Edmund Bon’s application for time to prepare his mitigation for a lighter sentence for Low.
The court also granted the application by deputy public prosecutor Ros Mawar Rozain from the Malaysian Securities Commission, for Low’s RM300,000 bail to be maintained and his passport impounded.
In his decision, the judge said Low’s defence was merely an “afterthought”.
Twenty-five prosecution witnesses and eight defence witnesses, including a stock market specialist, testified during the trial.
In 1999, Low was charged with instructing a Sime Securities Sdn Bhd representative to purchase Repco Holdings shares at any price from sellers on the Kuala Lumpur Stock Exchange, to create a false impression of the company’s share value.
He was accused of committing the offence at Sime Securities, Tingkat 21, Bangunan Sime Bank, Jalan Sultan Sulaiman, Kuala Lumpur, between 11am and 5pm on Dec 3, 1997.
The charge under Section 84(1) of the Securities Industry Act 1983 read with Section 88(b) of the same Act carries a minimum fine of RM1 million and imprisonment of up to 10 years upon conviction.
On Nov 14, 2006, the Sessions Court acquitted Low, who is from Kota Kinabalu, Sabah, of the charge without his defence being called.
On Oct 15, 2010, the High Court dismissed the prosecution’s appeal and affirmed Low’s acquittal.
However on Feb 28, 2013, the Court of Appeal allowed the prosecution’s appeal and ordered Low to enter his defence.