KUALA LUMPUR, Jan 5 — Two former directors of Sea Tackle Sdn Bhd, Teo Tzi Sin and Wong Poh Wah, have been fined RM100,000 each for misusing company funds to pay themselves unauthorised bonuses.
The pair pleaded guilty at the Kuala Lumpur Sessions Court on December 20, 2024.
According to the facts of the case, they used RM200,000 in company funds to pay themselves bonuses without approval from a general meeting. The payments were made alongside their salaries on 30 January 2018.
The directors were charged under Section 218(1)(c) of the Companies Act 2016 and Section 34 of the Penal Code for abusing their positions for personal gain.
Both initially pleaded not guilty but changed their plea to guilty in December 2024.
Following the guilty plea, they were each fined RM100,000, with a six-month prison sentence if the fines are not paid. The fines were settled immediately after the proceedings.
The prosecution was handled by SSM officers Nurul ‘Ain Shafie and Nurul Nabila Azmi, while the defendants were represented by lawyer Ong Weng Li.
SSM has reminded the public that legal actions will be taken against individuals violating regulations under its jurisdiction.
