The Securities Commission Malaysia (SC) yesterday charged a former Managing Director of AT Systematization Berhad (ATS) (currently known as Erdasan Group Berhad), at the Kuala Lumpur Sessions Court for causing wrongful loss amounting to RM16.35 million to the company.
Choong Lee Aun (Choong), 59, faced 41 charges under section 317A(1) of the Capital Markets and Services Act 2007 (CMSA) for allegedly making payments totalling RM16.35 million to two companies, Delta Million Dynamic Sdn Bhd and Midas Mode Sdn Bhd, with the intention of causing wrongful loss to ATS.
The offences took place between June 2020 and November 2021 in Petaling Jaya, Selangor.
Under section 317A(1) of the CMSA, a director or officer of a listed corporation or any of its related corporations shall not do anything with the intention of causing wrongful loss to the listed corporation or its related corporations.
If convicted, Choong faces a jail term of not less than two years and not exceeding 10 years and is also liable to a fine not exceeding RM10 million.
Choong claimed trial to all 41 charges in three separate courts and was granted bail at RM420,000 in total.
Before Sessions Court judge Puan Suhaila binti Haron, Choong was granted bail at RM200,000 with two local sureties. He was also ordered to surrender his passport to court and to report to the SC’s investigating officer on a monthly basis as additional bail condition by the court.
Separately, Choong was granted bail of RM100,000 and RM120,000 respectively before Sessions Court judges Tuan Azrul bin Darus and Puan Norma binti Ismail. Both courts imposed similar additional bail conditions as the earlier court against Choong.
The charges preferred against Choong yesterday were made possible through the close cooperation and collaboration between the SC and both domestic and international law enforcement agencies. The joint efforts reflect the commitment in ensuring that perpetrators of securities laws are brought to justice.
The SC wishes to record its appreciation to the International Criminal Police Organisation (INTERPOL) and Malaysia Airports Aviation Security (AVSEC) for their invaluable assistance.
