KUALA LUMPUR: The Kuala Lumpur Sessions Court has convicted Axis Incorporation Bhd’s former adviser to the board of directors, Lee Koon Huat, for abetting the company in furnishing false financial statements in its quarterly reports for the financial year (FY) 2007.

       Lee was charged on March 26, 2013 with four charges under section 122C(c) read together with section 122B(a)(bb) of the Securities Industry Act 1983 (SIA).

       Evidence showed that he had given instructions to inflate Axis’ revenue figures in its unaudited quarterly results in 2007, the Securities Commission Malaysia (SC) said in a statement today.

       KL Sessions Court judge Tuan Azman Ahmad sentenced Lee to six months’ imprisonment and fined him RM200,000 for each charge (in default, six months’ imprisonment).

       The court also ordered for the jail sentence to be served concurrently.

       In 2013, the SC had also charged former executive directors of Axis, Lee Han Boon, Saipuddin Lim Bin Abdullah and Koh Tee Jin, with five charges each for furnishing false financial statements relating to the revenue of Axis for FY 2007 and 2008.

       The trio pleaded guilty and received sentences ranging from one day to 12 months’ imprisonment and fines of RM200,000 each. - Bernama