Company directors, accounts manager fined, jailed for false disclosures

PETALING JAYA: The Kuala Lumpur Sessions Court has sentenced to jail two former directors and an accounts manager for submitting false statements to Bursa Malaysia, the Securities Commission said today.

Norhamzah Nordin and Mohd Azham Mohd Noor, both 54, were the group managing director and executive director of Kosmo Technology Industrial Berhad (Kosmo) respectively.

They were charged in 2011 with eight counts of submitting false statements to Bursa Malaysia in relation to Kosmo’s revenue figures in its unaudited quarterly reports from 2006 to 2007.

The court said the revenue figures, which ranged from RM7 million to RM40 million, were fraudulent as they contained fictitious sales.

Meanwhile, Helen Lim Hai Loon, 49, former accounts manager at Kosmo, was charged with abetting in the offences.

Norhamzah and Azham were each ordered to pay a fine of RM1.45 million and serve a two-year imprisonment term, while Lim was fined RM560,000 and sentenced to one-year imprisonment.

The offences were committed under Section 122B of the Securities Industry Act 1983 and Section 369 of the Capital Markets and Services Act 2007.