Silver Bird’s creator and previous group handling director Datuk Jackson Tan Han Kook (left) and previous group executive director Derec Ching Siew Cheong
+ A KUALA LUMPUR (Nov 3): 2 previous directors of Silver Bird Group Bhd were founded guilty by the Sessions Court here on Nov 2 for purposefully enabling incorrect declarations to be provided to Bursa Malaysia Securities Bhd, an offense under Area 269( b)( B) of the Capital Markets and Solutions Act 2007 (CMSA).
In a declaration on Thursday (Nov 3), the Securities Commission of Malaysia (SC) stated Silver Bird’s creator and previous group handling director Datuk Jackson Tan Han Kook and previous group executive director Derec Ching Siew Cheong pleaded guilty to one charge each, and were each sentenced to one day in prison and a fine of RM500,000, or 50 months’ jail time in default.
The duo were very first charged on Sept 11, 2013. Tan was charged with 7 counts and Ching with 8 counts of providing incorrect declarations included in Silver Bird’s unaudited quarterly monetary outcomes for the monetary durations ended Oct 31, 2010 and Oct 31, 2011 on Bursa Malaysia.
Sessions Court judge Siti Aminah Ghazali portioned the sentence, that included factor to consider of the other charges, after the set submitted an application for plea bargaining under Area 172C of the Crook Treatment Code.
Silver Bird, which produced “High 5” sliced bread and “Silverbird” cakes, was delisted from Bursa Malaysia in 2014. It had actually stopped operations in June 2016 following a court order to leave its facilities.
In February 2013, the confectioner revealed a stunning RM112 million hole in its financial resources, which was later on exposed to be RM297 million.
After the monetary abnormalities were exposed, Silver Bird fell under Practice Keep in mind 17 status, and the group eliminated Tan and Ching from its board quickly after that.
