CEO Morning Brief

Revenue Group Co-founders Charged With Disposing of a Company Vehicle Illegally

Publish date: Wed, 15 Mar 2023, 08:40 AM
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TheEdge CEO Morning Brief
Revenue Group co-founders charged with disposing of a company vehicle illegally

KUALA LUMPUR (March 14): Revenue Group Bhd co-founders Brian Ng Shih Chiow and Dino Ng Shih Fang were charged in the Sessions Court here on Tuesday (March 14) with fraudulently causing a bank employer to dispose of a vehicle belonging to the company without a resolution from its board of directors.

The brothers had claimed trial by pleading not guilty to the charge before judge Rozina Ayob.

In the charge which was read out to them in court, the brothers had, in order to achieve common intention, allegedly misled and fraudulently caused an officer of CIMB Bank Bhd to dispose of company property, which was a Toyota Vellfire, on Oct 3, 2018.

The charge further stated that the brothers had allegedly registered the car under Dino’s name without the resolution of the board.;

Brian Ng Shih Chiow (Photo credit: Revenue Group Bhd)
Dino Ng Shih Fang (Photo credit: Revenue Group Bhd)

The charge was framed under Section 403 of the Penal Code and is punishable under the same Act.

If found guilty, the duo could face imprisonment of between six months and five years, with whipping, and are also liable to a fine.

Deputy public prosecutor Raya Low Chin How prosecuted, while the duo were represented by former Malaysian Anti-Corruption Commission (MACC) chief commissioners Tan Sri Dzulkifli Ahmad and Amer Hamzah Arshad.

The DPP asked for a bail amount of RM20,000 per accused in one surety and for their passports to be surrendered by the court.

However, Hamzah objected to the amount and asked that they be released on a personal bond.

“This is because this isn’t an offence; what is actually happening is an ongoing corporate dispute between members of the board which are split in two separate camps,” he said.

He also alluded to this group called the “corporate mafia” which is allegedly planning a hostile takeover of the company, which is the reason the brothers were charged.

“Even the media carried out news report known as ‘corporate mafia’ to do a hostile takeover; now they’re (the brothers are) under attack,” Hamzah said.

Hamzah alleged that the “corporate mafia” had made the report against the brothers at the MACC.

However, the judge said that these are mere allegations, as there were no affidavits or police reports about it.

The court then set a bail amount of RM10,000 each in one surety.

She then set a case mention on April 14.

Source: TheEdge - 15 Mar 2023

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