Reported in The Star:
“An Indonesian businessman, Wira Tjakrawinata @ Kenneth Chow,  suffering from cancer had his jail sentence reduced from one year to one day. However, his fine was increased from RM500,000 to RM2mil. He paid the fine, had appealed to the High Court against a Sessions Court’s sentence in August last year.He was found guilty of including false information in Energro Bhd’s prospectus. 
 

The background is as follows:

Wira was running the overall operations and management of Milan Auto (M) Sdn Bhd at the time of the offence. Energro had made an attempt to take over the listing status of Omega Holdings Bhd on May 20, 2004 after Milan Auto injected its marketing and sales of Alfa Romeo vehicles and related businesses into Energro. However, the Securities Commission rejected the scheme. The false information contained in the prospectus was for the financial year ending Dec 31, 2003; revenue was stated RM82,336,000 and the number of Alfa Romeo cars were sold at 558. The actual revenue should not exceed RM17,951,847 as the sum stated in the prospectus included RM64,384,153 worth of purported export sales to Massa Auto (S) Pte Ltd of Singapore, which did not exist. Records also showed that in 2003, only 100 Alfa Romeo cars were sold.  

Let’s  give an applause to our Securities Commission for acting very swiftly in detecting this disclosure fraud otherwise many potential investors would have been hurt.