KUALA LUMPUR, January 12 — Former directors of Sea Tackle Sdn Bhd, Teo Tzi Sin and Wong Poh Wah, were fined RM100,000 each by the Sessions Court here for misusing RM200,000 of company funds to pay themselves unauthorised bonuses in 2018.
The duo pleaded guilty on December 20, 2024, to charges under the Companies Act 2016 and the Penal Code, admitting they acted without approval from a general meeting. The fines were paid immediately to avoid the alternative six-month prison sentence.
Prosecutors from the Companies Commission of Malaysia (SSM) reiterated the importance of adherence to corporate governance laws, warning that breaches would face strict enforcement.
