Ex-CFO charged with causing RM7.8mil wrongful loss to company

Ex-CFO charged with causing RM7.8mil wrongful loss to company

PETALING JAYA: The Securities Commission Malaysia has charged a former chief financial officer of AT Systematization Berhad (ATS) with causing wrongful loss of RM7.82 million to the company.

Yong Man Chai, 47, faces 20 charges under Section 317A(1) of the Capital Markets and Services Act 2007 (CMSA) of making payments to five companieswith the intention of causing a loss to ATS, now known as Erdasan Group Berhad.

In a statement, SC said the alleged offences took place in Petaling Jaya, Selangor, between July 2020 and October 2021.

Under the law, any director or officer of a listed corporation or its related companies must not act with the intent to cause wrongful loss.

If convicted, Yong could face imprisonment of two to 10 years and a fine of up to RM10 million.

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Yong pleaded not guilty to all charges, which were heard in three separate courts.

He was granted total bail of RM350,000, with additional conditions including surrendering his passport and reporting monthly to the SC’s investigating officer.

The charges were filed in the Kuala Lumpur sessions court before judges Norma Ismail, Suhaila Haron, and Azrul Darus.

This follows a previous case on Oct 8 where former ATS managing director Choong Lee Aun was charged with causing a RM16.35 million wrongful loss to the company.

The SC said the charges against Yong were made possible through close collaboration with domestic and international law enforcement agencies, including Interpol.

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It said the joint effort demonstrated its commitment to ensuring that perpetrators of securities laws were brought to justice.