By Stephanie Jacob

Former Repco Holdings Bhd (Repco) executive chairman Low Thiam Hock, popularly known as Repco Low, has been found guilty of market manipulation involving Repco shares by the Kuala Lumpur Sessions Court.

Presiding Judge Mat Ghani Abdullah found that Low had failed to raise reasonable doubt on the prosecution’s case and that his defence only amounted to a bare denial and an afterthought, said the Securities Commission (SC) in a press statement.

The 53-year-old Low was convicted “for acts calculated to create a misleading appearance with respect to the price of Repco shares on the Kuala Lumpur Stock Exchange on Dec 3, 1997, an offence under Section 84(1) of the Securities Industry Act 1983 (SIA)”, it added.

Under Section 91 of SIA, Low is liable to a minimum fine of RM1 million and imprisonment of not more than 10 years.

To recap, Low was charged by the SC in the Sessions Court on Sept 18, 1999. At the end of the prosecution’s case during which 25 witnesses were called, the Sessions Court acquitted Low on the basis that the charge was not proven.

The SC then appealed to the High Court which affirmed the Sessions Court’s decision. However the Court of Appeal on Feb 28, 2013 overturned the decision of the High Court and ordered Low to defend the charge against him, reverting the case back to the Sessions Court.

Judge Mat Ghani Abdullah held that the court was satisfied that Low, through the manner of buying 227,000 units of Repco shares on Dec 3, 1997, had in fact created a misleading appearance as to the price of Repco shares on the stock exchange.

Sentencing has been fixed for Jan 19, 2016. In the meantime, Low will be required to surrender his passport to court.