KUALA LUMPUR: A former director of a manufacturing company was charged in three Sessions Courts today with 41 counts involving the transfer of RM16.35 million.
Choong Lee Aun, 59, pleaded not guilty to all charges after they were read before Judges Suhaila Haron, Azrol Darus, and Norma Ismail.
The charges allege that Choong, as a director of listed corporation AT Systematization Berhad, caused the company to transfer RM16.35 million to Delta Million Dynamic Sdn Bhd and Midas Mode Sdn Bhd.
These alleged offences were committed at a bank in Kota Damansara between June 20, 2020 and November 30, 2021.
The charges fall under subsection 317A(1) of the Capital Markets and Services Act 2007.
Conviction under this section carries a prison term of not less than two years and up to 10 years, plus a fine of up to RM10 million.
Deputy public prosecutor from the Securities Commission Shoba Venu Gobal proposed bail of RM3 million in six local sureties for all charges.
The prosecution also sought additional conditions including the surrender of the accused’s passport and monthly reporting to the SC office.
Choong’s counsel Nicholas Cheoh requested a bail reduction, citing his client’s family responsibilities and health issues.
Cheoh stated that his client is a technology professional who had intended to retire before joining the company.
The court set bail at RM420,000 in six local sureties and ordered the accused to surrender his passport.
Choong must report to the SC office in Kuala Lumpur once a month until the case concludes.
The court has set November 7 for mention of the case. – Bernama