Former Inix CEO gets 45 months in jail

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KUALA LUMPUR: Inix Technologies Holdings Bhd’s (Inix) former chief executive officer Jimmy Tok Soon Guan has been sentenced to 45 months in jail for providing false information in the company’s prospectus and for submitting false statements to Bursa Malaysia.

In a statement yesterday, the Securities Commission Malaysia (SC) said Tok was charged in the Sessions Court in 2011 with one count of providing false information in the company’s prospectus under Section 55 of the Securities Commission Act (SCA) and four counts of submitting false statements to Bursa Malaysia in the company’s quarterly reports between October 2005 and July 2006 under Section 122B of the Securities Industry Act (SIA).

Tok pleaded guilty to the charges and was fined a total of RM1.1 million by the Sessions Court in 2011.

“The Court of Appeal today (yesterday) allowed the SC’s appeal by imposing the imprisonment term against Tok in addition to the fine earlier imposed by the Sessions Court,” said the SC.

The court ordered Tok to serve a nine-month jail term for each charge, totalling 45 months.

“The court ordered the jail term for the four charges under Section 122B to be served concurrently,” said the SC.

Tok was charged with two former Inix directors, namely Mok Chin Fan, 57, and Cheong Kok Yai, 55, and a former accounts executive of the company Normah Sapar, 41.

“The Court of Appeal also allowed the prosecution’s appeal against the three individuals named above. Mok and Cheong were given a total of 30 months imprisonment for the same offences whereas Normah received 30 months imprisonment for abetting Jimmy,” said the SC.

Mok and Cheong, it added, had also previously pleaded guilty at the Sessions Court and were fined RM325,000 each while Normah was fined RM350,000.

Inix’s share price slid one sen or 5.13% to 18.5 sen yesterday, with a market capitalisation of RM27.12 million.

 

This article first appeared in The Edge Financial Daily, on April 23, 2015.