PUTRAJAYA (Sept 12): The Securities Commission Malaysia (SC) has indicated that it is appealing against the reduced jail sentence of one year and a fine of RM5 million meted out by the High Court onto Repco Holdings Bhd's former chairman Low Thiam Hock for manipulating the company's shares in 1997.

The commission's prosecutors were sighted at an appealing party during case management in the Court of Appeal (COA) on Tuesday, during which Low's lawyer Chan Yen Hui also tried to file a notice of appeal against his conviction and sentence.

However, the High Court’s records of appeal were not yet ready, and hence, COA deputy registrar Mohd Khairi Haron fixed Nov 7 as another case management date.

Both the prosecution and defence cannot file their respective petitions of appeal until the records of appeal are ready.

Deputy public prosecutor Mohd Hafiz Mohd Yusoff from the SC confirmed the outcome of the case management when contacted by The Edge on Tuesday.

Prior to this, the COA held case management sessions in May and July over the matter.

On Feb 17, High Court judge Datuk Azhar Abdul Hamid ruled that the court was satisfied with the prosecution that the conviction was safe.

“Hence, the court upholds the conviction. However, this court finds that the sentence is excessive, and now the court sentences him to one year’s jail, and the fine is maintained,” Azhar said.

The High Court also granted Low a stay of execution of the sentence pending his final appeal in the COA.

The 60-year old, better known as Repco Low, was convicted by the Sessions Court in 2016, after a long trial and appeal process, of market manipulation of Repco shares, and was originally sentenced to five years’ jail and a fine of RM5 million.

He was charged under Section 84(1) of the Securities Industry Act 1983 for carrying out 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.

Low was initially acquitted without his defence being called, and the decision was upheld by the High Court. But the COA reversed the decision and ordered him to enter his defence, with the trial resuming in the Sessions Court before another judge, which ended in his conviction.

Hence, the COA is considered the final appeal avenue for the 60-year-old Low and the prosecution to determine his guilt or otherwise.

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