IPOH: There are criminal elements present in a scheme of arrangement by Perak Corporation Bhd (PCB), a Magistrate’s Court here has ruled.

A scheme of arrangement is a court-approved agreement between a company and its creditors or shareholders.

Magistrate Noor Hafiza Ishak said she would refer the case back to the police for further investigation.

Keranji assemblyman Chong Zhemin, who represented himself, then interrupted her, saying that the court should issue a warrant of arrest instead.

He said he had presented all proof during his submissions, had new evidence, and also that one of the PCB directors had resigned last week.

“I have listened to your submissions on Sept 5, and my ruling is that there are criminal elements found and for the investigation papers to be referred back to the police,” Noor Hafiza said.

On Sept 5, Chong testified that he was a certified accountant as well as a former member of the PCB board of directors during Pakatan Harapan’s term in the state government.

In his submissions, he said he lodged a report at the Dang Wangi police station in Kuala Lumpur on June 9 over PCB’s failure to list its actual assets under a scheme of arrangement.

PCB filed a statement with Bursa Malaysia denying the allegations after Chong filed the police report.

Police classified Chong’s report as “refer to Magistrate” and on Aug 16 he filed a case against PCB.

The case was mentioned on Sept 5, and the magistrate then set Sept 19 for a decision.

Outside the court complex, Chong said the remaining board of directors of PCB should resign with immediate effect.

Chong added that if they fail to do so, the Perak Mentri Besar must step in to sack them, install a new set of directors, and redo the whole scheme of arrangement.

“I will be making an appointment to see the Mentri Besar tomorrow to ask him to hold an emergency state assembly meeting due to the seriousness of the matter,” he said yesterday.

“We need to debate on the matter because, in the last sitting, the Mentri Besar had said that there was no fraud committed.

“The Mentri Besar must retract his statement. Otherwise I have no choice but to refer him to the privileges committee,” he added.

https://www.thestar.com.my/news/nation/2022/09/20/criminal-elements-found-in-perak-state-glcs-deal