KUALA LUMPUR: Two former company directors have pleaded guilty to misusing company funds amounting to RM200,000 as bonus payments to themselves without the company’s approval.
They were fined RM100,000 each for the offence, Bernama reported.
The Companies Commission of Malaysia (SSM) said Teo Tzi Sin and Wong Poh Wah of Sea Tackle Sdn Bhd were charged under Section 218(1)(c) of the Companies Act 2016, read together with Section 34 of the Penal Code, for abusing their positions as company directors for personal gain.
The SSM said the bonus payment was made along with their salary payments on Jan 30, 2018.
Teo and Wong initially pleaded not guilty to the charge but changed their plea on Dec 13, it said in a statement.
Judge Norina Zainol Abidin then set Dec 20 to hear the facts of the case and deliver sentencing.
The prosecution was conducted by Nurul ‘Ain Shafie and Nurul Nabila Azmi from SSM, while Teo and Wong were represented by lawyer Ong Weng Li.
Teo and Wong paid the fine.
