WHEN Transmile Group Bhd founder and former CEO Gan Boon Aun was found guilty in August of deceiving with intent and furnishing misleading financial statements to Bursa Malaysia, prosecutors expected the court to hand him a custodial sentence of 18 to 24 months and a fine of RM2 million to deter potential offenders.
But Sessions Court Judge Tuan Hasbullah Adam fined Gan RM2.5 million (in default 18 months’ imprisonment), and sentenced him to one day behind bars.
Under Section 122B(a)(bb) of the Securities Industry Act 1983 (Act 280) — the section under which Gan, 59, was charged — a convicted offender is liable to a fine of at least RM1 million or imprisonment for a term of up to 10 years, or both.