KUALA LUMPUR (Oct 29): Symphony Life Bhd’s former chief financial officer Ng Ying Yiing and former group adviser Datuk David Goh were charged at the Sessions Court in Shah Alam for using RM2.57 million in company funds to purchase shares in Cycle and Carriage Bintang Bhd (CCB), without board approval.
The pair were charged under Section 218 of the Companies Act 2016 together with Section 34 of the Penal Code. They claimed trial before Sessions Court judge Muhamad Anas Mahadzir.
The charge states that the duo had bought the shares without the knowledge, agreement, approval and resolutions from the board of directors. This was done from the period of June 28, 2021 and June 30, 2024, according to the charge sheet.
Based on past reports, the shares would have been acquired after CCB saw its second privatisation offer in March 2021 at RM2.40 per share. In the following months, the shares spiked above RM3, but tapered down below the offer price by July.
That privatisation offer was rejected by minorities, and Goh was the main dissenting shareholder then. At the time, he reportedly told The Edge that the underlying value of CCB was at least RM4.65 per share.
The offeror — Jardine Cycle & Carriage Ltd — subsequently made a successful third attempt in July 2022 at RM2.70 per share, which valued the Mercedes-Benz dealer at RM272.01 million then.
Section 218 of the Companies Act 2016 prohibits a director or officer of a company from using the property of the company, information acquired by virtue of their position, their position as a director or officer, any opportunity of the company, or engaging in business in competition with the company, to benefit themselves or harm the company, without the consent or ratification of a general meeting.
The judge then set bail at RM35,000 each with no other conditions imposed on them.
If found guilty for the offence, they will be jailed for a term of not more than five years and a fine of RM3 million or both.
Goh and Ng were represented by Lawyers Guok Ngek Seong and Phyllia Lim while the public prosecutor was Kamarul Iman Ahmad Sapian.