KUALA LUMPUR (March 28): Able Global Bhd (KL:ABLEGLOB) said its executive chairman Ng Keng Hoe was charged with abetment of dishonest misappropriation on Tuesday.

Ng has denied the charges framed under Section 403 — dishonest misappropriation of property — of the Penal Code in court and claimed trial, the food and beverage company said in a bourse filing on Friday.

“The charges are not directly related to the company. The transactions mentioned in the charges relate to civil disputes in the Malaysian courts,” Able Global said.

Further details of the case were not disclosed in the filing.

The company said it is closely monitoring the situation and reiterates that Ng’s administrative and executive functions remain suspended.

Ng was remanded by the Malaysian Anti-Corruption Commission back on February 13. Able Global’s chief executive officer Edward Goh Swee Wang was also remanded by the anti-graft agency on February 14. Both were subsequently released on February 18.

The MACC’s investigation pertained to Ng’s private company and was not related to Able Global, Able Global previously stated.

Following Ng’s remand, an interim working management committee comprising key senior management and board representatives was established to oversee his suspended executive functions.

“The interim working management committee which was established to oversee executive functions of Ng shall continue to support the company’s ongoing operations,” Able Global said in its filing on Friday.

Both Ng and Swee Wang are substantial shareholders of Able Global. Swee Wang controls a 19.28% stake together with his father Goh Mia Kwong, while Ng has a 12.46% stake, according to the company’s latest annual report.

Able Global said the company continues to operate as usual and reaffirmed its dedication to upholding the highest standards of integrity, transparency and corporate governance.

“Further announcements will be provided as necessary,” it noted.

Shares in Able Global ended one sen or 0.69% higher at RM1.45 on Friday, valuing the company at RM450.18 million.