Reported in The Edge (7/2/07):
“Polymate Holdings Bhd’s former group managing director Datuk Ng Kim Weng was charged at the Kuala Lumpur Sessions Court on Feb 7 with furnishing inflated figures in its annual report to Bursa Malaysia Securities Bhd. Mr Ng was apprehended at his house in Petaling Jaya in the morning.”
Details:

• Ng, 55, who resigned from Polymate on Jan 27, 2005, pleaded not guilty to having knowingly authorised the furnishing of false information, namely inflated revenue and trade receivables as contained in its 2003 annual report.
• He was charged in the Sessions Court in Kuala Lumpur on Feb 7 under Section 122B(b)(bb) of the Securities Industry Act 1983 (Act 280). Polymate is the holding company of ABI Malaysia Sdn Bhd, which produces car batteries.
• Ng, who was represented by counsel Tan Hock Chuan, is alleged to have committed the offences between Jan 20, 2004 and March 5, 2004 at the Exchange Square in Bukit Kewangan.
• Securities Commission prosecuting officer Charanjit Kaur told judge Akhtar the amount falsified in the case was about RM22.7 million. The prosecuting team includes deputy public prosecutor Rozmawar Rozain.
• Sessions Court judge Akhtar Tahir fixed the trial date for Oct 8-12. The judge set bail at RM300,000 with one surety and ordered that Ng’s passport be handed over to the court.
• On conviction, Ng is liable to a fine of up to RM3 million or jailed for a term not more than 10 years or both.

Polymate was de-listed on Oct 19, 2006 after Bursa Securities decided the company had an inadequate level of financial condition to warrant continued listing.