THE Securities Commission Malaysia (SC) has charged former London Biscuits Bhd CEO and ED, Datuk Sri Liew Yew Chung, with 13 counts of financial misconduct at the Kuala Lumpur Sessions Court.
Liew faces one charge under Section 369(b)(B) of the Capital Markets and Services Act 2007 (CMSA) for allegedly causing the submission of a false financial statement to Bursa Malaysia in August 2019, relating to RM285.99 million in cumulative revenue.
He also faces 12 additional charges under Section 368(1)(a) of the CMSA for directing the creation of false sales transactions totaling RM2.35 million between October 2018 and March 2019.
Liew pleaded not guilty to all charges.
If convicted, he could face jail terms of up to 10 years and fines ranging from RM1 million to RM3 million.
The court granted him RM300,000 bail with two sureties, ordered him to surrender his passport, and required bi-monthly check-ins with the SC.
The SC reaffirmed its commitment to upholding market integrity and ensuring public trust through strict enforcement against false corporate disclosures. — TMR
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