Former Company Directors Fined for Misusing Company Funds

Two former directors of a company were fined RM100,000 each after pleading guilty to using company funds of RM200,000 as bonuses to themselves without the approval of the general meeting.

The Malaysian Companies Commission (SSM) in a statement said the accused, Teo Tzi Sin and Wong Poh Wah, pleaded guilty at the Kuala Lumpur Sessions Court on December 20 for charges under Section 218(1)(c) of the Companies Act 2016 read together with Section 34 of the Penal Code, for misusing their position as directors of the company for their own benefit. According to the facts, Tzi Sin and Poh Wah, directors of Sea Tackle Sdn. Bhd., were accused of using company funds of RM200,000 as bonuses to themselves without the approval of the general meeting. The bonus payment was made simultaneously with their salary payment on January 30, 2018. Previously, both accused pleaded not guilty and requested to be tried, but on December 13, 2024, both changed their plea to guilty before Judge Norina Zainol Abidin who set the reading of facts and sentencing on December 20. Both accused were fined RM100,000 each and if they fail to pay, they will be jailed for six months. Both accused explained the payment after the proceedings were completed. The prosecution was conducted by SSM Prosecutors, Nurul ‘Ain Shafie and Nurul Nabila Azmi while both accused were represented by lawyer Ong Weng Li from Tetuan W.L Ong & Associates. “SSM gives a warning to the public that prosecution action will be taken against individuals who are found to have violated or failed to comply with any provisions under the law regulated by SSM,” it said.

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