Friday, 20 April 2012

GP Ocean Food & Securities Commission (1)

Judgment made in 2009 about a case from 2006 involving the listing of GP Ocean Food Sdn. Bhd.

The Defendant Dato’ Lim Kim Ming had uttered the following words:

“He [Dato’ Chee Kok Wing] approached me and asked me to pay RM3 million to pay the SC  (Securities Commission). He said it is the culture in SC in order to get a company listed."

"He kept calling me to pay up the RM3M. Later as payments I were made in small portions he asked for RM4.2 million and also because the investigation has gone too far."

"He said he has strong cable and network with SC and if I don't pay I wont be selamat." .

"He called me to inform me of the listing approval even before my merchant bankers knew of it, and demanded money. He claimed to know a lot of things will happen if I don't pay, like investigation". 

"Kris Azman [Director of the Securities Commission] called me and asked me for money. "

"Wong Tze Yen cashed out my cheque for RM 600,000.00 and handed it to Dato' Chee's secretary to pay to SC."

“Dato’ Chee also wanted RM 400,000 to be paid to his account to be paid to SC."

The Defendant’s defence is that around 2006, G.P. Ocean Food Sdn Bhd, in which Defendant is one of the director was in the process of going into public listing on the main board of KLSE. The application was forwarded to the Securities Commission and on 22.3.2006 the approval by SC was granted. At that time Datuk Ali Kadir was the Chairman of SC.

Around 10.5.2006, SC received an anonymous letter alleging that the Defendant had made use of the influence of the Plaintiff and various others including Datuk Ali Kadir, Dato Azman Yahya (Former Chairman of Danaharta Urus Sdn Bhd) to guarantee the approval of the Defendant’s company application for public listing.

Pursuant to that incident SC had decided to review its approval.

Consequently the Directors of G.P. Ocean Food Sdn Bhd decided to withdraw the application pending investigation by the SC.

Conclusion by the judge in the defamation case:

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