Kuala Lumpur, 22 August 2011
FTEC Resources Berhad MD, Kenneth Vun’s appeal to the Federal Court dismissed
The Federal Court today unanimously dismissed Kenneth Vun’s (Kenneth) application for leave to file an appeal against the decisions of the Court of Appeal and High Court ordering him to make restitution of RM2.496 million to FTEC Resources Berhad (FRB). The Orders also restrained Kenneth from directly or indirectly managing the funds of FRB and any of the FTEC group of companies.
SC’s investigation into the utilisation of the public issue proceeds by FRB showed that Kenneth had used a portion of the proceeds for his own benefit and personal use which led to the above Orders being made by the High Court in November 2009.
This decision of the Federal Court was Kenneth’s last avenue of appeal after being unsuccessful at the Court of Appeal as well as the High Court.
SECURITIES COMMISSION MALAYSIA