New Straits Times

Ex-senior bank manager jailed, fined RM1m

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KUALA LUMPUR: A former senior manager of a bank was sentenced to six months’ jail and fined RM1 million by the Sessions Court here yesterday on five counts of charges with acquiring 145,000 shares of PacificMas Bhd 11 years ago with inside informatio­n.

Judge Mahyon Talib handed the sentence on Lim Bun Hwa, 42, who pleaded guilty to all charges.

For all the charges, Bun Hwa was charged with acquiring the shares through the Central Depository account belonging to his brother, Lim Boon Cheng, 48, through informatio­n that was not generally available to the public.

The informatio­n was on the proposed conditiona­l takeover offer by OSPL Holdings Sdn Bhd to acquire all the voting shares in PacificMas Bhd not already owned by OSPL Holdings Sdn Bhd, whereby with such informatio­n, a reasonable person will expect it to have material effect on the price or value of the shares concerned.

Bun Hwa was charged with committing the offences at Bursa Malaysia Securities Bhd, Exchange Square, Bukit Kewangan here, between Dec 18 and Dec 31, 2007.

He was charged under Section 188(2) of the Capital Markets and Services Act 2007, which provides and an imprisonme­nt of up to 10 years and fine of not less than RM1 million, if found guilty.

Earlier, the prosecutio­n, headed by deputy public prosecutor from the Securities Commission, Hashley Tajudin, informed the court that the accused had submitted a plea bargain under Section 172C of the Criminal Procedure Code last July.

Bun Hwa, represente­d by lawyer Datuk Chong Loon Ming, paid the fine. He will serve time at Kajang Prison.

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