10 Apr 2023
Semenyih Jaya Sdn. Bhd. 1. ) LAU KOK LOON @ LAU SAY SIOK 2. ) Lau Tein Khang
- Citation
- WA-22NCC-211-05/2020 (Mahkamah Tinggi)
- Court
- High Court
- Case number
- WA-22NCC-211-05/2020 (Mahkamah Tinggi)
The 1st Defendant breached statutory and fiduciary duties by causing transfers of RM10,608,167.43 to his personal account without proper authority or board consensus and failing to account for the funds; the 2nd Defendant breached duties by failing to investigate or require accounting; shareholder assent or claimed ultimate beneficial ownership and the Duomatic principle do not validate dishonest or unauthorised depletion of company assets; consequently the transfers are null and the 1st Defendant must return RM10,608,167.43 with interest and pay costs.