KUALA LUMPUR (May 23): The Shah Alam Sessions Court has acquitted former Symphony Life Bhd (KL:SYMLIFE) chief financial officer Ng Ying Yiing and adviser Datuk David Goh of charges over using RM2.57 million in company funds to buy Cycle & Carriage Bintang Bhd (CCB) shares without board approval between June 2021 and June 2024.
The court granted the acquittal on May 22 after the prosecution withdrew the charges.
This followed the Attorney General’s Chambers agreeing with letters of representation from Ng and Goh, which were supported by previous court decisions.
In October 2024, the High Court dismissed most of Symphony Life’s civil claims against Ng, Goh and Doa Huat Holdings. Only a RM182,000 payment was ordered from Doa Huat Holdings. All parties have appealed.
The Industrial Court also ruled that Ng was unfairly dismissed and awarded her RM792,000 in back wages. It found that Symphony Life’s chief executive officer had approved the share purchases and that Ng was fired after filing a complaint against him.
Under Section 254 of the Criminal Procedure Code, the public prosecutor can stop a case at any time before a verdict. If this happens, the court must discharge the accused.
The CCB shares in question were bought after a failed privatisation offer in March 2021 at RM2.40 per share. Shares later rose above RM3 before falling below the offer price. Goh, who opposed the offer, believed the shares were worth RM4.65. A successful third offer at RM2.70 per share happened in July 2022.
Ng and Goh were represented by lawyers Guok Ngek Seong and Phyllia Lim.