KUALA LUMPUR: The High Court on Dec 17 ruled that the Securities Commission Malaysia (SC) has proven its case against a former deputy managing director of Stone Master Corporation Bhd, Datin Chan Chui Mei, for causing RM11.54 mil wrongful loss to the company.
SC said based on the facts of the case, Stone Master had entered into agreements with 23 foreign companies for the exclusive rights to market and promote products belonging to the companies.
“In consideration of these exclusive rights, Stone Master had paid the purported local representatives of these companies a sum amounting to RM11.59 mil in the form of a non-refundable deposit.
“The SC has shown that of the RM11.59 mil, a sum of RM11.54 mil was subsequently paid by the purported local representatives to Chan’s personal account, thereby causing wrongful loss to Stone Master,” SC said in a statement.
It said Justice Mohamed Zaini Mazlan ordered Chan to pay the SC RM11.54 mil, to be held in trust for Stone Master.
Additionally, Chan was ordered to pay a RM1 mil civil penalty and is barred from being a director of a public-listed company for five years. – Bernama
