KUALA LUMPUR (Aug 20): Businessman Tey Por Yee and four others have been ordered by the court to pay more than RM100 million for fraud and losses suffered by four listed companies.

The Kuala Lumpur High Court ruled that the Securities Commission Malaysia (SC) has proven its case under the Capital Markets and Services Act 2007 against the five that also includes Lim Chye Guan, See Poh Yee, Francis Tan Hock Leong and Faizatul Ikmi Abdul Razak.

“This decision by the High Court reinforces the accountability of directors and officers entrusted with managing public listed companies,” the SC said in a statement on Thursday.

The listed companies affected were Nexgram Holdings Bhd (KL:NEXGRAM) and Asdion Bhd (KL:ASDION) as well as Ire-Tex Corporation Bhd, now known as Iqzan Holdings Bhd (KL:IQZAN), and R&A Telecommunication Group Bhd, which has been delisted.

The lawsuit was filed in November 2022, accusing the five of perpetrating a scheme to defraud and causing wrongful losses valued at RM120.6 million to the four public listed companies.

In its claim, the SC alleged that between December 2013 and July 2014, Tey, Lim, See and Tan, in their various capacities as directors and officers of the four public listed companies, siphoned out the proceeds of the companies’ fundraising exercises. Faizatul abetted or furthered the siphoning.

Tan has since been declared bankrupt and did not appear in the proceedings that took place between October 2025 and April 2026.

High Court judge Datuk Mohd Arief Emran Arifin held that there was evidence that the defendants took control of the four public listed companies and pushed for fundraising, after which the proceeds were siphoned out from the four companies.

Defendants were also ordered to pay civil penalties totalling RM2.65 million to the SC, with the court also barring them from managing or being a director of any public listed company for 10 years. The five also had to pay total costs of RM500,000 to the SC.

The SC was represented by its officers Ng Chian Huey, Mohd Izuddin Mohamad, Annarina Chacko Jacob, Adibah Saiful Bahri and Caysseny Tean Boonsiri.

The SC's external counsels were Christopher Leong, Janet Chai Pei Ying, Calvin Wong Wai Hou and Jason Kok Jia Qi from Messrs Chooi & Company.

Tey, Lim, See and Faizatul were represented by Datuk C Vignesh Kumar while the solicitor on record was Messrs B H Lawrence & Co.