Judge Samsudin Abdullah acquitted and discharged J. Alan Rajendram, 61, after ruling that the prosecution had failed to establish a prima facie case against him.
He also ordered the bail of RM150,000 to be returned to the accused.
Alan Rajendram was charged with submitting a false statement on the affairs of a listed corporation, Linear Corporation Berhad, as contained in the company’s announcement dated Dec 29, 2009.
The offence was allegedly committed at Bursa Malaysia Securities Berhad, Exchange Square, Bukit Kewangan, on Dec 29, 2009.
The offence, under the Capital Markets and Services Act 2009, provides for a maximum jail sentence of up to 10 years and fine of up to RM3 million, if found guilty.
A total of 13 prosecution witnesses were called to testify during the hearing which started on Oct 20, 2016.
Deputy public prosecutor Mohd Hafiz Mohd Yusoff appeared for the prosecution while the accused was represented by counsel N. Sivananthan.