SC charges former London Biscuits CEO with falsifying financial statement, corporate records

KUALA LUMPUR: The Securities Commission Malaysia (SC) today charged Datuk Seri Liew Yew Chung, former executive director and group chief executive officer of London Biscuits Berhad, in the Sessions Court here for furnishing a false financial statement to the stock exchange and falsifying records of a listed corporation.

Based on a statement issued by the SC, Liew faced a total of 13 charges before Sessions Court Judge Azrul Darus and pleaded not guilty to all of them.

On the first charge, Liew is accused of having caused the furnishing of a false financial statement to Bursa Malaysia Securities Berhad on Aug 30, 2019, an offence under Section 369(b)(B) of the Capital Markets and Services Act (CMSA) 2007.

The charge relates to a false statement concerning London Biscuits Berhad’s cumulative revenue amounting to RM285,985, which was contained in the company’s third quarter financial report for the period ended June 30, 2019.

By virtue of his position as a director and group CEO of London Biscuits Berhad at the material time, Liew is deemed to have committed the offence under Section 367(1) of the CMSA.

Liew faces a maximum sentence of 10 years imprisonment and a fine not exceeding RM3 million, upon conviction.

Separately, he was also charged with 12 counts under Section 368(1)(a) of the CMSA 2007 for instructing the creation of false sales transactions in the accounting records of London Biscuits Berhad between October 2018 and March 2019.

The total value of the false transactions across all 12 charges amounts to RM2,354,430. Upon conviction, each charge carries a maximum penalty of 10 years imprisonment and a fine not exceeding RM1 million.

The Sessions Court allowed bail at RM300,000 with two local sureties for all 13 charges.

Liew was further ordered to surrender his passport to the court and to report to the SC’s investigating officer twice a month.

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