Former MD jailed six years for CBT

KUALA LUMPUR: A former managing director was sentenced to six years in jail and fined RM1mil for criminal breach of trust (CBT), the Securities Commission Malaysia (SC) said in a statement.

Datuk Lybrand Ngu Tieng Ung, 48, was found guilty of CBT in respect to the previously listed Pancaran Ikrab Berhad (PIB)’s funds amounting to RM37mil.

He was sentenced by Sessions judge Zanol Rashid Hussain on Friday.

Ngu was charged by SC in May 2005 for security fraud under the Securities Industry Act 1983 (SIA) and for CBT under section 409 of the Penal Code.

SC said that Ngu pleaded guilty to the two principal charges and was sentenced to a day's jail and RM1mil fine for each charge in October  2010.

In August  2011, the High Court set aside the conviction and sentence upon appeal and remitted the matter for a retrial at the Sessions Court.

“The retrial against Ngu commenced in January 2012 with the SC calling 32 witnesses,” the statement said.

In August 2013, the Sessions Court ordered Ngu to enter his defence on the alternative charge of CBT of RM37mil.
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