I have previously lodged a formal complaint to the Securities Commission on 17th June 2022 on Perak Corporation Berhad (PCB) fraudulent scheme of arrangement.
Following the Ipoh Majistrate Court ruling that there are criminal elements in my police report against Perak Corporation Berhad(PCB) scheme of arrangement, today I made myself available at the Securities Commission(SC) to submit additional documents and evidence to the SC to prove that PCB has submitted false statements to Bursa Malaysia.
PCB had in their public announcement to Bursa dated 10th June 2022 mention as below:-
All properties in Perak Corp, company level, have been properly included in the Explanatory Statement dated 26 March 2021 for the Proposed Scheme of Arrangement based on the management accounts of Perak Corp, at company level, as at 30 June 2020.
PCB had also made another public announcement to Bursa dated 16th June 2022 mentioning the below:-
We emphasise that the Scheme of Arrangement was formulated for the purposes of restructuring the debts of Perak Corp and PCB Development Sdn Bhd (In Creditors’ Voluntary Liquidation) (“PCB Development”) as at 30 June 2020, with the available assets of Perak Corp and PCB Development for distribution to their respective creditors.
I have submitted documents and cold hard evidence at the Ipoh Majistrate court and proved beyond reasonable doubt that at least 4 assets in the summary of properties of PCB 2021 Annual Report are owned by Perak Corp but not other subsidiaries, namely item 3 Commercial Land PT279467, HSD932771, item 4 residential land Lot 20403, PN394962, item 5 Lot 20571, PN394965, item 6 Lot 20570, PN 394964 which were all intentionally not included and valued fairly in the scheme of arrangement.
Based on my submission, the judge has ruled that there were criminal elements in PCB scheme of arrangement.
By intentionally concealing the assets owned by PCB, and claiming otherwise in its public announcement on Bursa, PCB has committed an offence under Capital Markets and Services Act 2007 (CMSA) Section 369 False Reports to commission, exchange or approved clearing house
A person who–
- with intent to deceive, makes or furnishes; or
- knowingly authorizes or permits the making or furnishing of,any false or misleading statement or report to the Commission, a stock exchange, a derivatives exchange or an approved clearing house relating to–
- dealings in securities or derivatives;
- the affairs of a listed corporation;
- any matter or thing required by the Commission for the due administration of this Act; or
- the enforcement of the rules of a stock exchange, derivatives exchange, or approved clearing house,
commits an offence and shall, on conviction, be punished with imprisonment for a term not exceeding ten years and shall also be liable to a fine not exceeding three million ringgit.
As the CMSA is fully under the jurisdiction of the SC, I urge the SC to take immediate and stern action against PCB and its directors for submitting false or misleading statement to Bursa in order to protect public interest, promote integrity and reliability of public announcements of public listed companies and to preserve the integrity, trust and confidence in the capital market.