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Link: https://issuance.sc.com.my/wp-content/uploads/eng/html/resources/acts/SIA_20040105.

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Section 86 – False or misleading statements (page 100/101)

(b) He knows or ought reasonably to have known that the statement or information is false or
misleading in a material particular. (Have consent on doing wrong or misleading information)

-For example, Shukri Sheikh Abdul Tawab and Chin Keem Feung, they know they are making misleading
statements to Bursa Malaysia. However, they are also members of Transmile Company’s audit
committee, but they was approved to release the overstated revenue figure despite knowing that the
auditors had raised “serious accounting issues” regarding the unaudited 2006 results. (paragraph 6)

122C. Attempts, abetments and conspiracies. A person who– (Page 142)

(c) Abets or is engaged in a criminal conspiracy to commit (as those terms are defined in the Penal
Code) any offence under this Act, whether or not the offence is committed in consequence thereof,
commits such offence and is liable to the penalty for such offence. (Involved in doing criminal or illegal
action under Securities industry act, whether offence or not it will be liable for the penalty)

-For example, the securities commission offered penalty of RM500, 000 each to the two non-executive
directors of Transmile, Chin Keem Feung and Shukri Sheikh Abdul Tawab.

122B. False reports to Commission, stock exchange or recognized clearing house. (Page 141) (Wrong
report to commission, stock exchange or recognized clearing house)

-For example, they approve the false financial report submit to Bursa Malaysia in 2004, 2005 and 2006.
They provide overstate revenue figure to attract more investor to invest on their company.

122B(b)(bb) False reports to Commission, stock exchange or recognized clearing house. (page 141/142)

A person who–

(b) knowingly authorises or permits the making or furnishing of, any false or misleading statement or
report to the Commission, a stock exchange or a recognized clearing house relating to–

(bb) the affairs of a listed corporation; (Under a listed company, provide false report to commission,
stock exchange or recognized clearing house)
-For example, Transmile is a listed company on 27 june 1997, but Shukri Sheikh Abdul Tawab and Chin
Keem Feung, they know they are making misleading statements to Bursa Malaysia but they still approve
and submit to the Bursa Malaysia, it is illegal action under this section.

https://www.thestar.com.my/business/business-news/2015/09/19/incorrect-accounts-are-the-boards-
problem/

file:///C:/Users/Chowyang/Downloads/25093-Article%20Text-55241-1-10-20141204.pdf

https://prezi.com/0whcliqrijbm/transmile-group-berhad/

https://www.coursehero.com/file/13084281/Case-Study-Transmile/

https://www.thestar.com.my/business/business-news/2007/07/12/sc-charges-three-former-execs-at-
transmile/