Reference to the Newspaper dated 13 Aug 2011, Island Red Cafe Franchise Sdn Bhd executive director, Teow Wooi Huat and his son, Teow Chee Chow, also a director of the company, were charged in court with fraudulently inducing 93 people to invest RM1,040,400.
They have been sentenced by Sessions Court to a day jail and fined a total of RM160,000 after they admitted to two counts of cheating and misleading investors of over RM1mil in an Island Red Cafe programme.
They also pleaded guilty before a judge to offering shares of the company to the public through the programme although at that time, it was not involved in buying and selling shares.
For the first offence, Teow and Chee Chow were each sentenced to a day in prison and fined RM20,000 in default of 20 months jail. They were sentenced to a day in prison and fined RM70,000 and RM50,000 respectively, in default of 30 months jail, for the second offence.
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Authored by kevinn on 13th August 2011
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