By Ho Kit Yen | Free Malaysia Today
The High Court here has rejected former Repco Holdings Bhd director Low Thiam Hock’s appeal to quash his conviction for share market manipulation.
Delivering a brief oral judgment, Justice Azhar Abdul Hamid held that Low’s conviction by a lower court for an offence under section 84(1) of the Securities Industry Act 1983 was safe.
The court, however, reduced Low’s five-year jail sentence to one year, but maintained the RM5 million fine imposed by the Sessions Court.
“The (jail) sentence was manifestly excessive,” said Azhar.
The court granted Low a stay of his jail sentence pending a final appeal to the Court of Appeal. It also maintained his RM1.3 million bail.
The Sessions Court had in January 2016 convicted Low for “acts calculated to create a misleading appearance with respect to the price of Repco shares on the Kuala Lumpur Stock Exchange on December 3, 1997”.
Low was originally acquitted by another Sessions Court without his defence being called. His acquittal was affirmed by the High Court.
However, in February 2013, the Court of Appeal overturned that decision and ordered him to enter his defence.
Low was represented by lawyers Shafee Abdullah, New Sin Yew, and Chan Yen Hui, while Deputy Public Prosecutor Shoba Venu Gobal prosecuted the case.
