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The Court of Appeal today unanimously overturned the decision by the High Court and Sessions Court to acquit Low Thiam Hock for manipulating the price of Repco Holdings Berhad (Repco) shares on the Kuala Lumpur Stock Exchange (KLSE) on 3 December 1997.
The Securities Commission (SC)’s appeal is now allowed and Low has been ordered to enter his defence at the Sessions Court. He would have to answer the charge under s84(1) of Securities Industry Act 1983 (SIA), which carries a penalty of minimum fine of RM1 million and maximum jail term of up to 10 years.
The Bench presided by Justice Dato Sri Haji Apandi Haji Ali, Justice Datuk Linton Albert and Justice Datuk Dr Haji Hamid Sultan Abu Backer allowed the appeal by the SC and unanimously held that the charge against Low, as it stood, is sufficient to describe and sustain the offence under s84(1) of SIA.
Low is ordered to enter his defence against the charge of instructing a dealer’s representative at Sime Securities Sdn Bhd to purchase Repco shares by taking up any offer prices of the said shares offered by the sellers, which act was calculated to create a misleading appearance with respect to the price of Repco shares on the KLSE on 3 December 1997.
The Court of Appeal ordered for a mention before the Sessions Court on 7 March 2013 to resume trial.
