The Securities Commission Malaysia (SC) today charged Alice Poh Gaik Lye, a businesswoman and former business coordinator of Liqua Health Corporation Bhd, for committing a scheme to defraud the company for RM9.75 million.
In a statement here today, the SC said the charges against Poh came hot on the heels of last week’s charging of Liqua’s former managing director, Goh Bak Ming, for abetting in the case.
Poh, who was alleged to have committed the offence between Feb 23, 2007 and July 31, 2007, was charged under Section 87A(a) of the Securities Industry Act 1983 (SIA).
The scheme was to cause Liqua’s subsidiary, Liqua Health Marketing (M) Sdn Bhd (LHMM), to execute a distribution agreement with Wynsum Healthy Living Sdn Bhd in February 2007, which had resulted in the payment of RM12 million from LHMM to Wynsum.
Out of that RM12 million, RM9.75 million was used to finance the purchase of over 45 million Liqua shares through the accounts of Tacforce International (M) Sdn Bhd and Chin Yi Ning, Poh’s daughter.
Poh was granted bail of RM800,000 with two sureties and was further required to surrender all her travel documents including her passport to the court.
The case will be mentioned on July 9, 2010.
If convicted, she is liable to a fine of not less than RM1 million and imprisonment for a term not exceeding 10 years. - Bernama
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