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.
Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

100% readers found this article insightful

Next In Nation

SPM trial exams cancelled, says Education Ministry
Face-to-face school sessions for Kemas kindergartens postponed
Covid-19: Cops confirm two Bangladeshis who tested positive tried to board flight to Dhaka
Action will be taken if any staff of quarantine centre supplied beer to patients, says Masidi
Covid-19: Those with symptoms get priority for swab tests, says Health DG
BPR financial aid should be transferred to accounts of BSH, BPN beneficiaries, says MCA Youth
Permai aid package can help M'sians face Covid-19 pandemic, says Dr Wee
Permai package: RM500 one-off payment for tourist guides, taxi and bus drivers, says PM
Fifteen banks offering loan repayment moratorium to residents in flood-hit states, says Muhyiddin
Covid-19: Over 80% of M'sians expected to be vaccinated by first quarter of 2022, says PM

Stories You'll Enjoy