Former Kosmo directors and accounts manager jailed and fined

May 3, 2019

KUALA LUMPUR – Kuala Lumpur Sessions Court on April 29, this year convicted two former directors and an accounts manager for furnishing false statements to Bursa Malaysia Securities Berhad (Bursa Malaysia).

Dato’ Norhamzah Nordin and Mohd Azham Mohd Noor, both 54, were the former Group Managing Director and Executive Director of Kosmo Technology Industrial Berhad (Kosmo) respectively.

They were charged in 2011 with eight counts of furnishing false statements to Bursa Malaysia in relation to Kosmo’s revenue figures in its unaudited quarterly reports from 2006 to 2007.

The revenue figures, which ranged from RM7 million to RM40 million, were found by the Sessions Court to be false as they contained fictitious sales.

Helen Lim Hai Loon, 49, Kosmo’s accounts manager at the material time, was charged with abetting in the commission of the offences.

Both Norhamzah and Mohd Azham were ordered by the Sessions Court to each pay a fine of RM1.45 million and serve a two-year imprisonment term.

Meanwhile, Lim was fined RM560,000.00 and ordered to serve a one-year imprisonment term.

All the offences were committed under section 122B of the Securities Industry Act 1983 and section 369 of the Capital Markets and Services Act 2007.

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