Businessman gets one day jail, RM400,000 fine for allowing friend to dispose of shares | The Malaysian Insight

A BUSINESSMAN was sentenced to one day in jail and fined RM400,000 by the Kuala Lumpur Sessions Court today for allowing his friend to dispose of more than 14 million shares in a local furniture manufacturer in his central depository system account 18 years ago.

“I am grateful to the prosecution and the defence for managing to resolve this case satisfactorily and create a win-win situation for all parties. I hope that this kind of case will not happen again,” said the judge. In doing so, Siow had breached section 29A of the Securities Industries Act 1991, which states that all dealings in respect of deposited securities shall only be effected by the beneficial owners of such deposited securities or an authorised nominee.

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