What were the minimum penalties under the Securities Industry Act 1983?

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Minimum Penalties Under the Securities Industry Act 1983

The Securities Industry Act 1983 mandates a minimum fine of RM1 million and a potential prison sentence of up to 10 years for convictions related to specific market manipulation offenses. These penalties are stipulated under Section 84(1) of the Act, read in conjunction with Section 88(b).
Minimum Fine and Imprisonment

Conviction under Section 84(1) of the Securities Industry Act 1983, as read with Section 88(b), prescribes a minimum fine of RM1 million. In addition to the financial penalty, offenders face a term of imprisonment that can extend up to 10 years.
Application in a Specific Case

These penalty provisions were relevant in the case of Low Thiam Hock, the former executive chairman of Repco Holdings Bhd. Low was sentenced to five years in prison and fined RM5 million for attempting to manipulate the stock market in 1997. His sentence included an additional five years if the fine was not paid.
Legal Framework and Procedural History

The charge against Low stemmed from instructing a representative to buy Repco Holdings shares at any price to create confusion regarding the share price. This offense occurred on December 3, 1997. While Low was initially acquitted in 2006, the prosecution appealed, and the Court of Appeal later ordered him to enter his defence in 2013. The judge ultimately found him guilty on January 11 of the current year.

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What were the minimum penalties under the Securities Industry Act 1983?

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