Two Former Company Directors Fined For Improper Use Of Position Over Bonus Payment

KUALA LUMPUR,  Jan 5 (Bernama) -- Two former company directors pleaded guilty to using company funds amounting to RM200,000 as bonus payments to themselves without the company’s approval and were fined RM100,00 each for the offence.

The Companies Commission of Malaysia (SSM), in a statement today, 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 with Section 34 of the Penal Code, for abusing their position as company directors for self-benefit.

It said the bonus payment was made together with their salary payment on Jan 30, 2018. 

Teo and Wong had initially pleaded not guilty to the charge but changed their plea last Dec 13 and  Judge Norina Zainol Abidin set Dec 20 to hear the facts of the case and sentencing.

The prosecution was conducted by prosecuting officers Nurul ‘Ain Shafie and Nurul Nabila Azmi, from CCM, while Teo and Wong were represented by lawyer Ong Weng Li.

Teo and Wong paid the fine.

-- BERNAMA