Jobless man claims trial over false representation charge in purchase of stocks

TheEdge Mon, Feb 19, 2024 07:09pm - 3 months View Original

KUALA LUMPUR (Feb 19): A jobless man pleaded not guilty in the Sessions Court on Monday to charges of making false representation regarding the purchase of stocks in an investment scheme 10 years ago.

Chuah Hock Heng, 44, is accused of engaging in a scam against Ng Chin Wei, 44, promising the latter a 10% return within a year involving stocks of Industronics Berhad, MNC Wireless Berhad, Visdynamics Holdings Berhad and Solution Engineering Holdings Berhad.

He is accused of committing the offence at a restaurant in SS2, Petaling Jaya, near here, between March 28 and April 30, 2014, under subsection 179(b) of the Capital Markets and Services Act 2007 (Act 671), punishable under Section 182 of the same Act, which carries a jail term of up to 10 years and a fine not less than RM1 million, if convicted.

Securities Commission (SC) prosecutor Mohd Aerie Rahman offered bail at RM250,000 with two sureties with additional conditions, where the accused must surrender his passport to the court and report to the SC office once a month.

Lawyer Khairul Amin Abdullah pleaded for a lower bail because his client was declared bankrupt and unemployed.

Judge Datin Sabariah Othman fixed bail at RM50,000 with one surety with the additional conditions and set March 21 for re-mention.

Meanwhile, before Judge Azrul Darus, Chuah pleaded not guilty to two charges of conducting transactions in the securities business without the Capital Market Services licence or not registered under the regulated activity, at a shopping mall in Kota Damansara, near here, between February and April 2014.

The charges, framed under Section 58(1) of the Capital Markets and Services Act 2007 (Act 671) and can be punished under Section 58(4) of the same Act, provides a fine of up to RM10 million or a jail term of up to 10 years or both if convicted.

SC prosecutor Keith Loo prosecuted the case.

Azrul fixed RM30,000 bail for Chuah with one surety for both charges and ordered the accused to surrender his passport to the court and report to the SC office once a month.

The court also fixed March 21 for case re-mention.

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