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Company Director convicted under Companies Act
Thursday, 22 December 2011 : The director of Golden Rome Sdn Bhd  namely Thang Ying Tiong (‘accused’) was found guilty under section 132 (1) of the Companies Act 1965 for using another company TYT Resources Sdn Bhd to recover debts owed to Golden Rome Sdn Bhd and had subsequently used the monies received for the benefit of TYT Resources Sdn Bhd. Evidence adduced in the course of the trial shown that the accused is the shadow director of TYT Resources Sdn Bhd where he is in charge of the daily operation and management of the company.

The Sessions Court Judge Tuan Fadhir bin Harun sentenced the accused to one (1) month imprisonment and fined him RM10,000.00. SSM Prosecuting Officer, Encik Mohamad Azies Han bin Mohd Fadzil urged the Court to hand down a deterrent punishment against the accused as the offence committed by the accused was a premeditated one.

This is the first custodial sentence obtained by SSM for an offence under section 132 (1) of the Companies Act 1965. The above decision from the court clearly demonstrates that the judiciary is going hard on the offence relating to breach of fiduciary duty.

SSM hopes the above decision will send out a clear message that companies’ director in Malaysia owed a great responsibility to their stakeholders and they ought to discharge their functions and responsibility with high integrity. SSM will continue its enforcement action so as to encourage and promote proper conduct amongst directors, secretaries, managers and other officers of a corporation in Malaysia.
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Source : Companies Commission Malaysia
Date of  Publication : Friday, 23 December 2011
Original Title : A Company Director Convicted Under Companies Act 1965 and Sentenced to One Month Imprisonment and Fined RM10,000
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