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Ex-Directors of Fishing Equipment Company Fined RM200,000 for Bonuses

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Two former directors of a fishing equipment company were fined RM100,000 each for using company funds to pay themselves unauthorized bonuses.

Two former directors of a fishing equipment company, Teo Tzi Sin and Wong Poh Wah, have been fined RM100,000 each for using company funds to pay themselves hefty bonuses. In January 2018, they used RM400,000 of Sea Tackle Sdn Bhd's funds for bonuses without shareholder approval. They initially pleaded not guilty to the charge under Section 218(1)(c) of the Companies Act 2016 and Section 34 of the Penal Code, but changed their plea on 13 December last year.

Kuala Lumpur Sessions Court Judge Norina Zainol Abidin sentenced them to a fine of RM100,000 each with a six-month prison sentence if the fine was not paid. The fines were settled immediately after the proceedings

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