KUALA LUMPUR: The High Court here today reduced the five-year prison sentence to one year against Repco Holdings Bhd’s former executive chairman Low Thiam Hock, who was found guilty of manipulating the company’s share price.
Judge Datuk Azhar Abdul Hamid ruled that the five-year prison sentence meted out against Low, 60, also known as Repco Low, by the Sessions Court on Feb 29, 2016, was excessive.
However, he upheld the RM5 million fine imposed on Low.
“After examining the record of appeal and the written and oral submissions from both parties, I agree with the submissions of the respondent (prosecution) and the issues raised in this appeal. I find that the appellant’s (Low) conviction is safe. Therefore, the appeal against the conviction is dismissed,” said Judge Azhar.
However, he allowed Low’s application to stay the execution of the prison sentence and fine pending an appeal at the Court of Appeal.
“I allow the application for stay of the sentence and maintain the conditions of the previous bail, which is RM1.3 million bail and the passport to be handed over to the court,” he said.
Earlier, deputy public prosecutor Shoba Venu Gobal objected to the stay application by Low, represented by Tan Sri Muhammad Shafee Abdullah, saying that there were no special circumstances that required a stay.
On Feb 29, 2016, Sessions Court Judge Mat Ghani Abdullah sentenced Low to five years in prison and fined him RM5 million after finding that the defence had failed to raise reasonable doubts at the end of the prosecution’s case.
However, the court granted Low a stay of execution pending an appeal at the High Court, and the bail was increased from RM300,000 to RM1.3 million.
In 1999, Low was charged in the Sessions Court on a charge of instructing a representative of Sime Securities Sdn Bhd to buy Repco Holdings shares by absorbing any offer price of the shares offered by stock sellers on the Kuala Lumpur Stock Exchange.
The act was deemed to have created confusion about the price of the shares on KLSE.
Low, from Kota Kinabalu, Sabah, was charged with committing the offence at Sime Securities, Level 21, Bangunan Sime Bank, Jalan Sultan Sulaiman, Kuala Lumpur, between 11 am and 5 pm on Dec 3, 1997.
He was charged under Section 84(1) of the Securities Industry Act 1983, read together with Section 88(b) of the same law, which provides a minimum fine of RM1 million and imprisonment for up to 10 years, if found guilty.
On Nov 14, 2006, Low was acquitted of the charge by the Sessions Court without his defence being called, but the prosecution made an appeal.
On Oct 15, 2010, the High Court dismissed the prosecution’s appeal, and the latter filed an appeal to the Court of Appeal, which then ordered Low to enter his defence at the Sessions Court. – BERNAMA
