KUALA LUMPUR (Dec 22): Both the prosecution and defence in Transmile Group Bhd founder and former chief executive officer (CEO) Gan Boon Aun's case have sought more time from the High Court to file their appeal records.

High Court deputy registrar Mahyudin Md Som confirmed this when contacted by theedgemarkets.com. He said March 2, 2021 has been set as the next case management date.

The prosecution and Gan filed their respective appeal petitions on Nov 24 and Dec 18.

"Both parties informed the court that this case involved a lot of documents and requested time for further case management dates while waiting for the receipt of the record of appeal from the lower court and to enable them to review after the record of appeal is received," said Mahyudin.

Gan, 59, was found guilty on Aug 27 by the Sessions Court for furnishing misleading financial statements to Bursa Malaysia in 2007 with regard to the financial statements for the financial year 2006 with the intent to deceive.

He had overstated Transmile's revenue "to give the impression that the financial performance of Transmile was in line with market expectations when in fact it was not", according to the Securities Commission Malaysia (SC).

Gan was ordered to pay a fine of RM2.5 million and serve one day in jail.

In an immediate statement after the verdict was announced, the SC said it would be recommending the public prosecutor to appeal against the sentence.