April 20, 2007

Malaysian seafood exporter charged for falsifying listing proposal
 

Two senior executive officers of GP Ocean, an integrated seafood and aquatic products company, have been charged by Malaysia's Securities Commission for supplying false information on its proposed listing on the main board of Bursa Malaysia.

Tan Siok Wan, co-founder and executive director/chief operating officer of GP Ocean, and Lee Sin Teck, co-founder and managing director/executive vice-chairman was charged for submitting misleading information in the directors' report and financial statements. 

The commission did not provide further information.

The company submitted its listing proposal in August 2005 but later revised it and resubmitted in February last year. Four months later, the listing proposal was voluntarily withdrawn.

The offence against the company and both the accused is punishable under section 32B(4) of the Securities Commission Act and is liable upon conviction to a maximum fine of 3 million rinngit (US$875,000) or imprisonment not exceeding 10 years or both.