Repco Holdings Bhd’s former executive chairperson has gone to the Court of Appeal to nullify his guilty verdict and RM1 million fine for attempted manipulation of the stock market in 1997.
Low Thiam Hock, who is also known as 'Repco Low', is appealing against the Kuala Lumpur High Court verdict on Feb 17 to uphold his conviction.
However, on that date, Bernama reported that judge Azhar Abdul Hamid partly allowed Low’s appeal and reduced his fine from RM5 million to RM1 million.
Back on Feb 29, 2016, the Kuala Lumpur Sessions Court convicted and sentenced Low (above). He had then appealed to the High Court.
Low’s counsel Chan Yen Hui confirmed with Malaysiakini this afternoon that the notice of appeal dated Feb 21 this year has been filed.
The lawyer explained that her 60-year-old client is appealing against the High Court verdict on the conviction as well as sentencing.
Final rung of appeal
She added that the prosecution has also filed a cross-appeal to the Court of Appeal over the reduction of the jail sentence.
The Court of Appeal is Low's final rung of appeal as the case initially originated from the Sessions Court.
Nearly seven years ago, then Sessions Court judge Mat Ghani Abdullah also ordered Low to serve another five years in jail if he failed to pay the fine.
However, there is a stay order over the execution of the sentence pending appeal.
Low was found guilty on Jan 11, 2016, after the defence failed to raise reasonable doubt in the prosecution’s case.
He was charged in 1999 with instructing a Sime Securities Sdn Bhd representative to buy up Repco Holdings shares at any price offered by the seller at the Kuala Lumpur Stock Exchange, in order to create confusion on the share price.
Out on bail
The Kota Kinabalu-born was accused of committing the offence at Sime Securities, 21st floor, Bangunan Sime Bank, Jalan Sultan Sulaiman, Kuala Lumpur, between 11am and 5pm on Dec 3, 1997.
The charge, framed under Section 84(1) of the Securities Industry Act 1983 and read together with Section 88(b) of the same Act, specifies a minimum fine of RM1 million and imprisonment not exceeding 10 years, if convicted.
On Nov 14, 2006, Low was acquitted of the charge by the Sessions Court without his defence being called, but the prosecution appealed.
On Feb 28, 2013, the Court of Appeal reversed this and ordered Low to enter his defence.
Low is currently out on RM1.3 million bail, with his passport surrendered to the court as part of bail conditions. - Mkini
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