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BUSINESS

High Court imposes 24 months imprisonment term on former Transmile CEO

26/01/2022 01:26 AM

KUALA LUMPUR, Jan 25 -- The High Court today allowed the Securities Commission’s (SC) appeal and increased the jail sentence of former Transmile chief executive officer and executive director Gan Boon Aun from one day to 24 months.

The High Court also upheld the initial fine of RM2.5 million imposed by the Sessions Court on Aug 27, 2020, the commission said in a statement here today.

Gan was convicted for furnishing a misleading statement, with intent to deceive, relating to Transmile Group Bhd’s revenue in the company’s Quarterly Report on Unaudited Consolidated Results for the Financial Year ended Dec 31, 2006.

The misleading statement on the revenue amount comprised over RM333 million of fictitious sales. Gan’s conviction is under Section 122B read together with Section 122(1) of the Securities Industry Act 1983.

High Court judge Justice Mohamed Zaini Mazlan observed that from the efforts made by the SC to execute the warrant of arrest against Gan, he has been evading arrest, thus failing to attend the hearing of the appeal.

Gan remains at-large and the SC is requesting members of the public who may know of his whereabouts to come forward to assist the SC in locating Gan, it said.

-- BERNAMA


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