Former Megan Media chairman jailed 18 months, fined

KUALA LUMPUR: A former executive chairman of Megan Media Holdings Bhd has been sentenced to 18 months’ jail and fined RM300,000 for submission of false information, the longest jail term for the infraction thus far.
Megan Media was delisted from the local stock exchange in 2008.
The Kuala Lumpur Sessions Court sentenced Datuk Dr Mohd Adam Che Harun, aged 73, to 18 months’ jail and fined him RM300,000, or in default one year’s imprisonment, for having furnished false information to Bursa Malaysia pertaining to the revenue of Megan Media in its quarterly results for the financial period ended Jan 31, 2007.
The false information related to Megan Media’s revenue amounting to RM306 million.
In sentencing the accused, Sessions Court judge Zulqarnain Hassan said he viewed the offence seriously and held that the accused should have refrained from providing such false information to Bursa. The judge also held that it was important for investors to have confidence in the capital market.
The offence under Section 122B, read together with 122(1) of the Securities Industry Act 1983, carries a penalty of a fine of not more than RM3 million, or jail not exceeding 10 years, or both.