Two Former Directors of Sea Tackle Sdn Bhd Fined RM100,000 Each for Misusing Company Funds

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CORPORATE MALPRACTICE,FINES,COMPANY FUNDS

Two former directors of Sea Tackle Sdn Bhd, Teo Tzi Sin and Wong Poh Wah, have been fined RM100,000 each for misusing company funds to pay themselves unauthorised bonuses. The payments were made without approval from a general meeting and were alongside their salaries on 30 January 2018.

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The directors were charged under Section 218 of the Companies Act 2016 and Section 34 of the Penal Code for abusing their positions for personal gain.Following the guilty plea, they were each fined RM100,000, with a six-month prison sentence if the fines are not paid. The fines were settled immediately after the proceedings.

The prosecution was handled by SSM officers Nurul ‘Ain Shafie and Nurul Nabila Azmi, while the defendants were represented by lawyer Ong Weng Li.

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