Former CFO faces 20 charges over RM7.8 million company fund transfers, pleads not guilty and granted RM350,000 total bail with six sureties.
KUALA LUMPUR: A former chief financial officer of a manufacturing company pleaded not guilty to 20 charges involving RM7.8 million in wrongful fund transfers.
Yong Man Chai, 47, faced eight charges before Judge Norma Ismail, six before Judge Suhaila Haron, and six before Judge Azrul Darus.
The charges allege Yong caused AT Systematization Berhad to transfer RM7.82 million to five companies between July 2020 and October 2021.
All transfers were allegedly made from a Kota Damansara bank with the intention of causing wrongful loss to the company, now known as Erdasan Group Berhad.
The charges fall under subsection 317A(1) of the Capital Markets and Services Act 2007.
Conviction carries a minimum two-year prison sentence up to 10 years, plus fines up to RM10 million.
Judge Norma set bail at RM160,000 with two sureties, while Judge Suhaila set RM120,000 and Judge Azrul set RM70,000.
Total bail amounts to RM350,000 requiring six sureties.
Yong must surrender his passports and report monthly to the Securities Commission office.
Deputy public prosecutors from the Securities Commission conducted the prosecution.
Yong was represented by lawyers Datuk Yaacob Md Sam and Md Yunos Shariff.
All cases will be mentioned again on December 16. – Bernama
