Shah Alam, 28 March 2019 – The legal battle between entrepreneurs Dato’ Larry Tey Por Yee (Tey) and Dato’ Adrian Ooi Kock Aun (Ooi) against Protasco Bhd has come to a closure with the outright acquittal of both Tey and Ooi at the Shah Alam High Court today.

Both Tey and Ooi were previously charged in connection with Protasco’s acquisition of 76% equity interest in PT Anglo Slavic Indonesia (PT ASI) for USD55 million. The charges were premised on the allegations that both Tey and Ooi had breached their fiduciary and statutory duties, including the duty to disclose their interest in the transaction, conspiracy to defraud the company and the making of secret profits.

Heaving a sigh of relief, Tey said that there is no word to describe the feeling of being acquitted. He continued, “indeed, I am very grateful to the Malaysian judiciary system as it has now come to an end and we get to clear our names. We want to move on with a peace of mind, and will be focusing on expanding our businesses thereon.”

Tey and Ooi also took this opportunity to thank parties who had remained with them throughout this tumultuous journey including loyal staff members, family and friends, legal counsels, banks, customers and associates who placed their complete trust on both of them.

The outright acquittal decision was made today following both the representation letter and application in court made by Tey and Ooi’s counsel since last year, Dato’ Vignesh Kumar. The AG Office was represented by the Deputy Public Prosecutor, Puan Rullizah in the Shah Alam High Court today.