Wednesday, January 12, 2005
Bank faces 13 charges
News update by Charanjeet Kaur of The Star
KUALA LUMPUR: OCBC Bank (M) Bhd has been charged with buying and selling shares of Artwright Holdings Bhd without informing the office furniture making company. OCBC Bank (M) Bhd, which acquired 1,357,260 shares (5.8411%) of Artwright Holdings Bhd on June 17, 2002, was said to have failed to notify the company in writing of the purchase within 7 days, which fell on June 24, 2002. The bank was said to have contravened Section 69E(2)(b) of the Companies Act 1965, which carries a fine of RM1mil, if convicted. OCBC (M) Bhd also faces 12 other charges of failing to notify Artwright Holdings Bhd when the bank disposed its 104,000 Artwright Holdings Bhd’s shares between July 17 and Sept 24, 2002. The offences also carry a RM1mil fine for each charge, if convicted. The bank’s secretary Chan Sook Peng, 40, who appeared for the bank Wednesday, claimed trial to the 13 charges. All the offences were allegedly committed at floors 1-8 of Wisma Lee Rubber, Jalan Melaka here. Deputy Public Prosecutor Muhammad Redzuan Abdullah, who was assisted by DPP Narainasami Alagu, appeared for Companies Commission of Malaysia while counsel Brendan Navin Siva appeared for the bank. Sessions Court judge Rosenani Abd Rahman fixed March 29 for mention.
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