Thursday January 31, 2013
Three directors acquitted of illegal share transfer
ALOR SETAR: Three directors of a construction company have been acquitted of approving the transfer of company shares worth RM1.3mil without the consent of the shareholder.
Sessions judge Mohd Sabri Ismail acquitted and discharged Teh Weng Kuang, 43, Khairul Nizamullah Halim, 30, and Haslinda Mohamad, 32.
He found that the prosecution had failed to prove the case against the trio beyond reasonable doubt.
The three directors of Purata Abadi Sdn Bhd were on trial for transferring 1.3 million units of the company’s shares from Aznah Ahmad to Irmawaty Ahmad Rusty through a director’s circular resolution without Aznah’s consent.
They were charged with committing the offence in Taman Jitra Perdana, Jitra, on Dec 22, 2008.
The offence under Section 132(1) of the Companies Act carries a jail term of up to five years or a fine of up to RM30mil, or both, upon conviction.
They were represented by Wong Kian Kheong while the prosecution was led by Companies Commission prosecuting officer Rezy Ramly.