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Monday, February 29, 2016

Sessions Court jails Repco Low 5 years, fine RM5m

KUALA LUMPUR: The Kuala Lumpur Sessions Court has sentenced Low Thiam Hock, better known as "Repco Low" in stock market circles, to five years jail and a fine of RM5mil. 
However, both sentences have been stayed, pending appeal by Low at the KL High Court. 
The court also set a bail of RM1mil on Low, pending the appeal, on top of the RM300,000 bail initially imposed on him. 
© Provided by The Star Online
Low, 54, was initially charged in 1999 for manipulation of Repco Holdings Bhd shares under Section 84(1) of the Securities Industry Act 1983 (SIA),  after committing the offense in 1997.
However, in 2013, following an appeal by the SC, the Court of Appeal unanimously overturned the decision by the High Court and Sessions Court to acquit Low over manipulating Repco's shares. 
Low was then ordered to enter his defence at the Sessions Court. Throughout the course of the 17-year case, nearly 30 witnesses were called from both sides, including stock market and stock valuation experts.
A person found guilty under the SIA would be liable to a minimum fine of RM1mil and maximum jail term of up to 10 years.

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