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Categories
| Update Mems Tech directors charged |
| Business & Market 2009 | |||
| Written by Sharon Tan | |||
| Thursday, 16 April 2009 12:23 | |||
 KUALA LUMPUR: Mems Technology Bhd (Mems Tech) directors Ooi Boon Leong and Tan Yeow Teck separately pleaded not guilty in the Sessions Court here today to a charge of furnishing misleading statements to Bursa Malaysia Securities Bhd.The duo were charged by the Securities Commission (SC) under Section 122 of the Securities Industry Act 1983 for knowingly authorising the furnishing of a misleading statement concerning Mems Tech’s revenue of RM73 million for the 12-month period ended July 31, 2007 to Bursa Securities. Judge Rosbiahanin Arifin fixed the joint trial for Oct 5 to 9, 2009. If found guilty, Tan and Ooi can be fined a maximum of RM3 million each or jailed up to 10 years or both. The court set a bond of RM200,000 for each defendant with two sureties. Tan and Ooi were also required to surrender their passports but could make an application to the court for their passports if they were required to travel for business. Ooi, 48, a director of the Mesdaq Market company, was appointed to the board on Nov 30, 2000. As of Feb 13, 2000, he held a direct stake of 4.82% comprising 31.61 million shares in Mems Tech. Ooi is also a director and group chief executive officer of AKN Technology Bhd.  According to the company’s annual report, Tan, 48, was appointed to the board on June 28, 2006. He is the executive director and also the chief financial officer of the company.Mems Tech’s substantial shareholders include AKN Equity Ventures Sdn Bhd with a 10.42% stake comprising 68.35 million shares and Lembaga Tabung Haji with a 9.95% stake or 65.25 million shares. Mems Tech, which is involved in microelectromechanical systems products, had failed to finalise the audited financial statements for financial year ended July 31, 2007 and quarterly report for the period ended Oct 31, 2007. The audited income statement for the year was later announced on April 24, 2008 containing a disclaimer by the company’s former statutory auditors, KPMG. On Dec 24 last year, Mems Tech announced that the suspension of trading of its securities and the commencement of the delisting procedures against it was deferred pending the decision on its application by Bursa Securities. It is asking for a waiver to submit a regularisation plan. The stock yesterday fell 0.5 sen to 8.5 sen with 1.67 million shares traded. Earlier in March, the SC charged Tan Chin Han, the former chief executive officer and executive director of Welli Multi Corporation Bhd, for knowingly authorising the provision of a misleading statement to Bursa regarding Welli Multi’s revenue.
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