Repco Holdings Bhd’s former executive chairperson Low Thiam Hock was sentenced to five years in prison and fined RM5 million today for attempting to manipulate the stock market in 1997.
Sessions Court judge Mat Ghani Abdullah ordered Low or ‘Repco Low’ to begin his term from today.
The court also ordered Low, 54, who appeared calm when the punishment was meted out, to serve another five years if he fails to pay the fine.
However, the judge granted the application by Low’s lawyer Edmund Bon Tai Soon to stay the sentence pending an appeal to the High Court, but increased the bail sum from RM300,000 to RM1.3 million.
Bon had initially requested for Low to be allowed to pay the fine in installments should the court reject the application for stay.
Low was found guilty on Jan 11 this year after the defence failed to cast any reasonable doubt on the prosecution’s case.
He was charged in the Sessions Court in 1999 with instructing a Sime Securities Sdn Bhd representative to buy up Repco Holdings shares at any price offered by the seller at the Kuala Lumpur Stock Exchange to create confusion on the price of the shares.
Low, from Kota Kinabalu, committed the offence at Sime Securities, 21st floor, 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 together with Section 88(b) of the same law, provides for a minimum fine of RM1 million and imprisonment of up to 10 years, on conviction.
On Nov 14, 2006, Low was acquitted of the charge by the Sessions Court without his defence being called, but the prosecution made an appeal.
On Feb 28, 2013, the Court of Appeal set aside the High Court’s decision and ordered Low to enter his defence.
Deputy public prosecutor Roz Mawar Rozain represented the Securities Commission while Low was also represented by counsel Muhammad Shafee Abdullah.
Meanwhile, Bon told reporters when approached that he would file the appeal to the High Court within this week.
- Bernama
