KUCHING: The Securities Commission Malaysia (SC) in a statement said the Kuala Lumpur Sessions Court Judge Zanol Rashid Hussain had convicted the former managing director of Pancaran Ikrab Bhd (PIB), a company previously listed on the stock exchange, for committing criminal breach of trust (CBT) in respect of the company’s funds amounting to RM37 million.
The SC said Datuk Lybrand Ngu Tieng Ung, 48 years old was sentenced to six years imprisonment and was also ordered to pay a fine of RM1 million, in default 2 years imprisonment.
The capital market regulator noted Ngu was charged by the SC in May 2005 with three principal charges comprising two charges for securities fraud under section 87A (b) of the Securities Industry Act 1983 (SIA) and one for CBT under section 409 of the Penal Code. The SC added Ngu was also charged with one alternative charge for CBT involving a sum of RM37 million.
In October 2010, SC observed that Ngu pleaded guilty to the two principal charges under the SIA and was sentenced to one day imprisonment and RM1 million fine for each charge.
InAugust 2011 upon appeal, the SC said the High Court, set aside the conviction and sentence, and remitted the matter for a retrial to the Sessions Court.
The SC noted the retrial against Ngu commenced in January 2012 with the capital market regulator calling 32 witnesses. In August 2013, the SC said the Sessions Court ordered Ngu to enter his defence on the alternative charge of CBT of RM37 million of PIB’s monies.