Labuan Islamic Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Chapter 1
20. Criminal liability for misstatement in prospectus
Feedback & supportWhere in any prospectus, or in any advertisement of the kind referred to in section 15, there is an untrue statement or wilful non-disclosure, any person who authorized or caused the issue of the prospectus or advertisement commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit or to imprisonment for a term not exceeding three years or to both.
A person shall not be liable under subsection (1) if he proves that the statement or non-disclosure was immaterial or that he had reasonable ground for believing and did, up to the time of the issue of the prospectus, believe that the statement was true or that the non-disclosure was immaterial.
A person shall not be deemed to have authorized or caused the issue of a prospectus by reason only of his having given the consent required by this Part to the inclusion therein of a statement purporting to be made by him as an expert.
expert
“expert” includes any engineer, accountant, solicitor, valuer, auditor or any other person whose profession or reputation gives authority to a statement made by him;