Kuala Lumpur, 11 September 2015
Former Managing Director of Pancaran Ikrab Berhad (PIB) jailed six years, fined RM1 million
Kuala Lumpur Sessions Court Judge Haji Zanol Rashid Hussain today convicted the former Managing Director of Pancaran Ikrab Berhad (PIB), a company previously listed on the stock exchange, for committing criminal breach of trust (CBT) in respect of the company’s funds amounting to RM37 million.
Dato’ Lybrand Ngu Tieng Ung, 48 years old, was sentenced to six years imprisonment and was also ordered to pay a fine of RM1 million, in default 2 years imprisonment.
Ngu was was charged by the Securities Commission Malaysia (SC) in May 2005 with three principal charges comprising two charges for securities fraud under section 87A (b) of the Securities Industry Act 1983 (SIA) and one for CBT under section 409 of the Penal Code. Ngu was also charged with one alternative charge for CBT involving a sum of RM37 million.
In October 2010, Ngu pleaded guilty to the two principal charges under the SIA and was sentenced to one day imprisonment and RM1 million fine for each charge. In August 2011 upon appeal, the High Court, set aside the conviction and sentence, and remitted the matter for a retrial to the Sessions Court. The retrial against Ngu commenced in January 2012 with the SC calling 32 witnesses. In August 2013, the Sessions Court ordered Ngu to enter his defence on the alternative charge of CBT of RM37 million of PIB’s monies.
SECURITIES COMMISSION MALAYSIA