正气天地 Do the right way : Acquitted chairman now prosecution witness

2010年9月24日星期五

Acquitted chairman now prosecution witness

New Straits Times, Feb 13, 2007 | by Arman Ahmad

KUALA LUMPUR: Just three hours after being acquitted, a company chairman provided damning evidence against his former colleagues in a share manipulation trial.

Ivan Ng Chong Yeng, 39, of Impetus Consolidated Sdn Bhd arrived at the Sessions Court with his former director, Datuk Philip Wong Chee Kheong, 43, and company executive director, Francis Bun Lit Chun, 37, about 9.30am to face charges on share manipulation.

Less than two hours later, Securities Commission deputy public prosecutor Roz Mawar Rozain informed Sessions Court judge Akhtar Tahir that the prosecution was withdrawing its charges against Ng.

Akhtar agreed with the application and granted Ng an acquittal. He fixed hearing in the afternoon, after allowing amended charges to be read against Wong and Bun.

The two are jointly charged with manipulating the price of Suremax Group Bhd shares on Bursa Malaysia.

All this was done through nine Central Depository Security accounts, owned by Bun, Ng and Impetus Development.

The alleged offence took place at Bursa Malaysia in Bukit Kewangan between Nov 24, 2004 and March 22, 2005.

Wong and Bun also faced an alternative charge of trying to create an impression that the shares were being actively traded.

Both claimed trial to the amended and alternative charges. Wong was represented by counsel Gobind Singh Deo, while Hasnan Rezua Merican represented Bun.

At 2.15pm, Ng was brought in as the first prosecution witness.

Ng said Wong had initiated share manipulation on two occasions.

Replying to Roz Mawar, Ng said he, along with Wong, Bun and Suremax owner and managing director, Michael Goh, had bought the shares at higher prices.

"Initially, we bought the shares at a low price and then moved the price up. For example, if the share price was RM1, we would pay a higher price for all the shares."

He said the three of them had set up a fund for this purpose.

To further push the price up, they also called up friends and remisiers to "tip" them so that the price of Suremax would increase.

"That was how it was promoted. Once the price moved up to a certain level, the market will follow," Ng said.

The witness said he and Wong first tried this method in late 2003. During this time, Ng said he made a profit of about RM200,000.

On the second occasion - in the first quarter of 2004 - Ng said he invested RM1 million in the fund, and topped it up with about RM300,000 when Wong requested.

"I lost most of my money," he told the court.

Hearing continues today.