High Court dismisses ex-Axis adviser’s appeal, upholds jail term and RM800,000 fine

KUALA LUMPUR, October 28 — The High Court today rejected the appeal by former Axis Incorporation Bhd board adviser Lee Koon Huat, confirming his conviction and sentence for four counts of inciting false financial statements to Bursa Malaysia. The Securities Commission (SC) reported that Judge Noor Ruwena Md Nurdin found the prosecution's case proved beyond reasonable doubt and saw no reason to overturn the Sessions Court's ruling.

The High Court agreed with the SC's stance that Lee's sentence was fitting for his involvement in the crimes. Lee was sentenced to six months' imprisonment and a RM200,000 fine for each charge, or alternatively, six months' jail if he fails to pay the fines. The court permitted Lee's request for the imprisonment sentence to commence but denied a stay on the fine.

Lee must pay a total fine of RM800,000 by today's date; otherwise, he will face additional imprisonment. Three former Axis executive directors were also charged and pleaded guilty, receiving sentences ranging from one day to 12 months.