Rajah & Tann Regional Round-Up
your snapshot of key legal developments in Asia
Issue 3 - Jul/Aug/Sep 2021
 

The Enforcement of Accounting Fraud under the Capital Markets and Services Act 2007

This update underscores the growing global recognition that healthy capital markets require an effective regime of financial reporting. It highlights the enforcement outcomes surrounding false and misleading financial disclosures by public listed companies in Malaysia and the judicial approach in dealing with such breaches.


This update also highlights several Malaysian judicial decisions arising from the issue of false or misleading financial disclosures by listed companies – both in primary offerings of securities as well as post-listing – in the form of continuous disclosures. A factual analysis of the cases shows that a majority of those who breached the law were company directors who were handed deterrent sentences in the form of imprisonment terms.


This update also provides some useful pointers to directors to ensure that they can discharge their duties effectively, and tips on how to avoid some of the pitfalls associated with liability under capital market laws.


For more information, click here to read our Legal Update.



Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.

 

Christopher & Lee Ong
Level 22, Axiata Tower ,
No. 9 Jalan Stesen Sentral 5
Kuala Lumpur Sentral,
50470 Kuala Lumpur, Malaysia
www.christopherleeong.com


Contacts:

Yon See Ting
Managing Partner
D +603 2278 8311
F +603 2278 8322
see.ting.yon@christopherleeong.com

Lee Hock Chye
Partner
D +603 2273 1919
F +603 2273 8310
hock.chye.lee@christopherleeong.com

Fiona Sequerah
Partner
D +603 7958 8310
F +603 7958 8311
fiona.sequerah@christopherleeong.com

Lim Wee Hann
Partner
D +65 62320606
wee.hann.lim@rajahtann.com

Yau Yee Ming
Partner
D +603 2278 8311
F +603 2273 8322
yee.ming.yau@christopherleeong.com

Kuok Yew Chen
Partner
D +603 7958 8310
F +603 7958 8311
yew.chen.kuok@christopherleeong.com

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This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update.