Ex-Pahang MB Adnan Yaakob Fails In Appeal To Overturn RM84,000 Penalty Imposed By SC
A three-man bench led by Justice Datuk Azimah Omar held that Adnan should have filed a judicial review to challenge the penalty, adding that on that ground alone, the appeal was bound to fail.
Furthermore, she said Adnan failed to raise any triable issues in the light of his clear and unequivocal admission in his letter to the SC.
The panel, also comprising Justices Datuk Wong Kian Kheong and Datuk Ismail Brahim, ordered Adnan to pay RM10,000 in legal costs.
Adnan, who served as Pahang menteri besar from 1999 to 2018, was a member of the Board of Directors of Pasdec Holdings Bhd (PASDEC), whose largest shareholder is the Pahang State Development Corporation (PKNP) (Perbadanan Kemajuan Negeri Pahang).
The SC, a statutory body established under the Securities Commission Act 1993 (SCMA), is vested with the functions and powers to enforce compliance with the SCMA and CMSA.
On May 16, 2018, PASDEC issued an abridged prospectus that omitted material information.
PASDEC failed to disclose PKNP's application for approval to subscribe to its entitlement at the issue price of RM0.35 per rights share, was still pending.
As a member of the PASDEC's board of directors, Adnan, 75, had individually and collectively accepted responsibility for the omission.
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