KUALA LUMPUR : The KL Sessions Court on Wednesday convicted a licensed audit partner for abetting listed cable support system maker United U-Li Corp Bhd in making a misleading statement to Bursa Malaysia Securities Bhd.
The Securities Commission (SC) said in a statement that Yue Chi Kin, 47, was sentenced to a year in jail and was also ordered to pay a fine of RM400,000.00, in default six months of imprisonment.
The misleading statement, it said, was in relation to United U-Li’s audited financial results for its financial year ended Dec 31, 2004. As a result of the misleading statement, United U-Li’s profit before tax for the year was inflated by about 26%.
“This is the first case where the SC had charged an auditor for abetting a public listed company in making a misleading statement to Bursa Malaysia Securities,” the regulator said.
SC said Yue was at the material time the audit partner of Roger Yue, Tan & Associates which audited United U-Li’s financial results for the 2004 financial year. He was charged in April 2009 and the trial began in March 2011.