KUALA LUMPUR: A former chief financial officer (CFO) of a manufacturing company was charged in three Sessions Courts here on Wednesday (Nov 12) with 20 counts involving the transfer of RM7.8mil, which allegedly caused losses to the company.
Yong Man Chai, 47, pleaded not guilty to all the charges, eight of them read out before Judge Norma Ismail, six charges before Judge Suhaila Haron and the remaining six charges before Judge Azrul Darus.
Yong, as a director at AT Systematization Berhad (now known as Erdasan Group Berhad), had allegedly caused the company to transfer RM7,821,220 to five companies with the intention of causing wrongful loss to AT Systematization.
All the offences were allegedly committed at a bank in Kota Damansara here between July 2020 and October 2021.
The charges were brought under subsection 317A(1) of the Capital Markets and Services Act 2007 and are punishable under subsection 317A(3) of the same law, which provides for imprisonment of not less than two years and up to 10 years, and a fine of up to RM10 million, upon conviction.
The prosecution was conducted by deputy public prosecutors Shoba Venu Gobal, Hashley Tajudin and Mohd Izuddin Mohamad, from the Securities Commission, while Yong was represented by lawyers Datuk Yaacob Md Sam and Md Yunos Shariff.
Norma set bail at RM160,000 with two sureties, while Suhaila and Azrul set bail at RM120,000 and RM70,000, respectively, with two sureties, bringing the total bail amount to RM350,000 with six sureties.
Yong was also ordered to surrender his passports to the court and report to the SC office once a month pending disposal of the cases.
The court set Dec 16 for mention of all cases. — Bernama
