2 Ex-Directors Of Fishing Equipment Company Fined RM200,000 For Taking RM400,000 Bonuses
They were fined RM100,000 each, with a six-month prison sentence if the fines were not paid.
By Sadho Ram — 06 Jan 2025, 10:53 AM
Two former directors of a fishing equipment company have been fined RM100,000 each for using company funds to pay themselves hefty bonuses
Teo Tzi Sin and Wong Poh Wah had in January 2018 used RM400,000 of Sea Tackle Sdn Bhd's funds to pay themselves bonuses without the approval of the company's shareholders.
They pocketed the funds alongside their salaries.
Teo and Wong had initially pleaded not guilty
They were charged under Section 218(1)(c) of the Companies Act 2016 and Section 34 of the Penal Code, the Companies Commission of Malaysia (SSM) said in a statement yesterday, 5 January.
After initially pleading not guilty to the charge, the duo changed their plea on 13 December last year.
Kuala Lumpur Sessions Court Judge Norina Zainol Abidin then set 20 December for sentencing. They were each fined RM100,000, with a six-month prison sentence if the fines were not paid.
The fines were settled immediately after the proceedings.
