KUALA LUMPUR (Aug 8): Able Global Bhd (KL:ABLEGLOB) said on Friday that its substantial shareholder and executive chairman, Ng Keng Hoe, has been discharged and acquitted of abetment of dishonest misappropriation linked to his private business by the Shah Alam Sessions Court.
Able Global told Bursa Malaysia in a filing it was informed that Ng was cleared of all charges under Section 403 of the Penal Code, read together with Section 109.
“The company considers the matter is now closed, and Mr Ng will resume his administrative and executive functions in the operations role,” said Able Global.
“The company will continue to uphold its highest standards of corporate governance and transparency”.
On Feb 13, Able Global said Ng was remanded by the Malaysian Anti-Corruption Commission (MACC) over a personal business matter unrelated to the group. The next day, the probe also involved chief executive officer Edward Goh Swee Wang.
Ng was later charged on March 28 with abetment of dishonest misappropriation. He pleaded not guilty.
On April 14, Able Global said the MACC had completed its investigation into the company and the CEO, and decided not to prosecute either. This was confirmed in a letter dated April 8.
Ng and Swee Wang are major shareholders of Able Global. Swee Wang and his father, Goh Mia Kwong, collectively hold a 19.39% stake in the company, while Ng owns 12.46%.
Shares of Able Global closed down one sen or 0.67% at RM1.49 on Friday, giving the company a market capitalisation of RM462.6 million. The counter has fallen over 21% since the start of this year.
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