KUALA LUMPUR: A former managing director who was jailed six years and fined RM1mil for criminal breach of trust (CBT) involving RM37mil was acquitted and discharged by a High Court here.
Judicial Commissioner Ab Karim Ab Rahman acquitted Datuk Lybrand Ngu Tieng Ung after allowing his appeal to set aside his conviction and sentence.
JC Ab Karim said there was misdirection by the trial judge when he called for defence on the alternative charge under Section 409 of the Penal Code, as it was over the same basic ingredient.
“The difference was only the detail of the amount,” he said when allowing Ngu’s appeal yesterday.
Ngu was charged with an alternative charge of CBT involving RM37mil of construction firm Pancaran Ikrab Bhd’s (PIB) funds under Section 409 of the Penal Code.
On May 5, 2005, he was charged with two principal charges under the Securities Industry Act 1983 for engaging in a fraudulent act by using RM15.5mil of PIB’s funds to finance his purchase of PIB shares when the money was not meant for that purpose.
Ngu was also accused with a third principal charge for CBT in respect of RM21.5mil of PIB’s funds under Section 409 of the Penal Code.
On Oct 5, 2010, he pleaded guilty to the three principal charges, and was sentenced to a day’s jail and a RM1mil fine for each charge after two witnesses testified in the trial.
The prosecution filed an appeal against the sentence to the High Court on Oct 6, 2010.
In August 2011, the High Court set aside the conviction and sentence upon appeal, and sent the matter for retrial at the Sessions Court.
On Sept 11, 2015, Ngu was acquitted and discharged on the three principal charges, but he was jailed six years and fined RM1mil for the alternative CBT charge by the Sessions Court.
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