KUALA LUMPUR – Once hailed as the “father of the pendrive”, Malaysian-born Datuk Pua Khein Seng is now facing an almost two-year prison sentence over allegedly causing a public official to provide false information in a public document and another two years for violating Article 171 Item 1 Sub-Item 1 of Securities and Exchange Act.
Although Pua expressed his regret following the judgment, he is appealing the two-year sentence and will remain chairman and CEO of Phison Electronics Corp.
Last Friday, the Taiwan Hsinchu District Court rendered judgment on Phison’s financial report case that occurred in 2016.
In a statement, Pua said he will appeal the judgment, and continue settlement discussions with the Securities and Futures Investors Protection Centre (SFIPC), which will take time.
“I am personally working with the SFIPC and all parties to come to a complete and satisfactory resolution.
“I would like to assure you that there will be no impact to Phison’s operation and finance. Phison’s board members have had discussions on the judgment, and they all support and have asked me to continue leading the company as the chairman and CEO.
“In regards to Phison’s financial case, when Taiwan Hsinchu District Prosecutors Office initiated the investigation in 2016, I actively cooperated with full transparency to the proceedings.
“The prosecutor issued a deferred prosecution order in 2017. Due to the limitations of current law, this case was indicted in 2019 and the prosecutor suggested the court consider commutation in the case.
Following the prosecutor’s indictment, the SFIPC filed two civil actions in 2019.
In a separate statement, Phison said Pua disclosed that he did not intend to damage the company nor cheat any investors, and that the company did not see any damages.
The 2016 investigation came about following allegations that Pua allegedly instructed his staff to falsify accounting transactions from 2009 to 2014. – The Vibes, November 4, 2021
