Ang broth­ers of Welli Multi jailed 6 months, fined RM400,000 by Court of Ap­peal

New Straits Times - - Business -


THE Court of Ap­peal has al­lowed Se­cu­ri­ties Com­mis­sion Malaysia (SC)’s ap­peal to en­hance sen­tences meted out to former ex­ec­u­tive di­rec­tors of Welli Multi Cor­po­ra­tion Bhd, Ang Sun Beng, 71, and Ang Soon An, 67, for fur­nish­ing mis­lead­ing fi­nan­cial in­for­ma­tion to SC in 2005.

The SC said in a state­ment the court im­posed a sen­tence of six months’ jail and a fine of RM400,000 on each of the two broth­ers.

A Court of Ap­peal panel chaired by Datuk Mo­htarud­din Baki, who sat with Datuk Seri Zakaria Sam and Datuk Ab­dul Karim Ab­dul Jalil, unan­i­mously found that the crime com­mit­ted was planned and in­tended to de­ceive in­vestors and the cap­i­tal mar­ket.

In met­ing out the de­ter­rent sen­tence, the panel ruled that the courts had a duty to pro­tect the cap­i­tal mar­ket and the coun­try’s econ­omy.

In 2010, the Ses­sions Court con­victed Sun Beng and Soon An for fur­nish­ing mis­lead­ing rev­enue fig­ures in­volv­ing over RM141 mil­lion in fic­ti­tious sales in Welli Multi’s 2005 an­nual re­port, re­port­ing a profit of RM5 mil­lion when in fact it was fac­ing a loss of RM35 mil­lion.

Sun Beng and Soon An were sen­tenced to a day’s jail and fined RM400,000 in de­fault of oneyear im­pris­on­ment, af­ter plead­ing guilty to the charges un­der sec­tion 122B(a)(bb) read to­gether with sec­tion 122(1) of the Se­cu­ri­ties In­dus­try Act 1983.

The SC filed an ap­peal in the High Court against the sen­tence but the court dis­missed it last year.

The SC sub­se­quently filed an ap­peal in the Court of Ap­peal.

Welli Multi, later known as En­er­green Cor­po­ra­tion Bhd, was a listed cor­po­ra­tion on the then Sec­ond Board of Bursa Malaysia.

The com­pany was delisted on Au­gust 17 2009.

Sun Beng was at the ma­te­rial time the man­ag­ing di­rec­tor of the com­pany while co-di­rec­tor Soon An was a mem­ber of its au­dit com­mit­tee.

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