The 38-year-old former National Kidney Foundation board member is appealing against her conviction last November for falsifying the accounts of her call-centre company, Global Net Relations (GNR).

The prosecution is appealing against the acquittal on another charge of falsifying her company's accounts and for share rigging in the sale of shares of WizOffice in 2001.

WizOffice, renamed Japan Land Limited in 2004, is now a property firm.

DJ Tseng said he did not accept Chua's testimony that she only found out after the shares had been sold that a payment was due for services rendered by a person she did not even know at that time.

He wrote in the grounds of decision: 'No one who is financially strapped and trying to raise money through such a sale would tamely accept after completion of the transaction that 33 per cent of the proceeds... should have to be surrendered to an unknown third party.

This had occurred after Chua had sold 9.875 million WizOffice shares held by GNR to Seah Holdings, a real estate company held by Seah Say Yoong, 70, a former chief executive of WizOffice.

The sale was reported at the higher price of 4.5 cents than the actual transaction price of 3 cents a share.

Chua gave Seah's son Chin Yew, 34, a $150,000 discount in the transaction, with the money coming from GNR's coffers.

She faked the payment in GNR's books in order to justify the $150,000 discount by classifying it as an advisory fee to the younger Seah's then girlfriend, Ms Yee Lee Fen.

During the trial, Ms Yee, 32, an air stewardess, said she had done nothing at all to earn the money and did not know Chua.

DJ Tseng said he had acquitted Chua of trying to falsify the $150,000 as a repayment for a loan from the older Seah as the prosecution failed to prove that an offence had been committed.

On the share-rigging charge, the judge said that there was no evidence connecting Chua to the offence.

Her present legal woes are unrelated to the NKF financial irregularities that shocked the country in 2005 although she did start GNR in 2000 with the charity's ex-chief T.T.Durai.

Both Seahs were fined $150,000 for share rigging, with the younger one fined an additional $10,000 for instigating Chua to falsify the accounts.

They too are appealling and the date of the joint hearing has yet to be set.