Director pleads not guilty to alleged arbitrary disposal of company's assets

TAWAU: A director of a company supplying aquaculture products pleaded not guilty in the Sessions Court, here, today to a charge of disposing of some of the company's assets worth RM800,000 without the approval of its annual general meeting.
Wilfred Lee Vui Ming, 49, made the plea after the charge was read to him before judge Awang Krisnada Awang Mahmud.
According to the charge sheet, on April 6 2015, Lee as a director of Darvel Bay Hybrid Aquaculture Sdn Bhd, located on Level 3, Wisma Gek Poh, No 18 Jalan Haji Saman, Kota Kinabalu, had without approval of the company's AGM, effected the transactions involving the disposal of its Breeding Division's fixed assets and brood stock valued at RM450,000 and live fish stock in sea cages worth RM350,000.
He was charged with committing the offence under Section 132 (1) (b) of the Companies Act 1965, which provides for a jail term of up to five years or a fine of up to RM30,000, or both.
Prosecuting officer from the Companies Commission of Malaysia, Najia Abdul Razak offered bail of RM10,000 in one surety, while the accused was represented by lawyer Philip Lee, who pleaded for the amount to be reduced to RM1,000, saying his client would not abscond.
The court allowed the accused bail of RM2,000 in one surety and set Feb 28 for case management. — Bernama