SC charges former directors of Patimas

PETALING JAYA: The Securities Commission Malaysia (SC) has charged a former managing director and three former executive directors of Patimas Computers Bhd with 10 counts of causing wrongful loss to the company.
The directors charged are former managing director Law Siew Ngoh, 55; former deputy executive chairman Yap Wee Hin, 58; and former executive directors Robert Daniel Tan Kim Leng, 59, and Ng Back Heang, 62.
The directors are said to have made payments totalling RM5.1 million between July and December 2010, for the purported development of various software for Patimas when in fact they were not used for such a purpose.
The charges were read out before Sessions Court judge Zaman Mohd Noor. All four claimed trial to the charges.
Law, Yap, Tan and Ng were imposed a bail of RM200,000 with one surety and ordered to surrender their passports.
“This is the first time the SC is taking criminal action for an offence under section 317A(1) of the Capital Markets and Services Act 2007,” the SC said in a statement yesterday.
Under this section, an officer of a listed corporation or any of its related corporation, commits an offence if he does anything or cause anyone to do anything with the intention of causing wrongful loss to the listed corporation or its related corporation.
At the material time, the offence was punishable with an imprisonment term not exceeding 10 years and a fine not exceeding RM10 million.