KUALA LUMPUR (March 2): The High Court has fixed May 6 for another case management of the appeal case involving Transmile Group Bhd founder and former chief executive officer Gan Boon Aun, who has been found guilty of furnishing misleading financial statements.

The Securities Commission Malaysia prosecution team told theedgemarkets.com today that a hearing date could not be fixed yet as the court has yet to receive appeal records from the Sessions Court.

"Now waiting for the appeal records, then can fix the date for submissions and hearing," one of the prosecutors said, following a case management before High Court deputy registrar Catherine Nicholas.

Gan was found guilty by the Sessions Court on Aug 27 for furnishing misleading financial statements to Bursa Malaysia in 2007. Sessions Court judge Hasbullah Adam sentenced the 59-year-old to a RM2.5 million fine and one day in jail.

Gan has since appealed against the decision, while the prosecution is also appealing against the sentence imposed on Gan, as it is seeking a heavier sentence.

Once a darling stock on Bursa Malaysia, Transmile was caught in an Enron-esque accounting scandal in 2007 after auditors concluded that the results for the financial years ended December 2005 and 2006 were grossly overstated.

Transmile suffered losses of RM126.3 million instead of making a profit of RM157.5 million in 2006. In 2005, it chalked up losses totalling RM369.6 million instead of the RM84.4 million profit that was reported.

The chartered airfreight service company was later categorised as a Practice Note 17 company in 2010, and was eventually suspended and delisted from Bursa Malaysia in 2011.