Wednesday, March 9, 2016

Appeals Court upholds convictions of ex-Impetus Group duo

The Court of Appeal today unanimously upheld the convictions and sentences against two former directors of the Impetus Group of Companies for manipulating Suremax Group Bhd shares over a period of four months.  Datuk Philip Wong Chee Kheong, 54 and Francis Bun Lit Chun, 46, committed the offence between November 2004 and March 2005 and were brought to court by the Securities Commission Malaysia (SC) in October 2005. The Sessions Court convicted them in 2011, the SC said in a statement. Today, Court of Appeal President Tan Sri Md Raus Shariff and two appellate judges, Datuk Dr Hamid Sultan Abu Backer and Tan Sri Idrus Harun, affirmed the convictions and sentences of both appellants. Wong was sentenced to a two-year jail term and fined RM3 million while Bun would serve a three-month jail term and was fined RM2 million. The jail sentences commenced today, said SC, adding that both caused the price of Suremax shares to rise by 77% over four months. – Bernama, March 9, 2016.]]>

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