KUALA LUMPUR – Former director Choong Lee Aun, 59, pleaded not guilty today to 41 charges related to the alleged wrongful transfer of RM16.35 million that caused financial losses to his former company.
Choong was charged in three separate Sessions Courts before Judges Suhaila Haron, Azrol Darus, and Norma Ismail. The charges stem from transactions made between June 20, 2020, and November 30, 2021, involving the transfer of funds from AT Systematization Bhd (now Erdasan Group Bhd) to two companies, Delta Million Dynamic Sdn Bhd and Midas Mode Sdn Bhd.
The offences are under subsection 317A(1) of the Capital Markets and Services Act 2007, which carries penalties of two to 10 years in prison and fines up to RM10 million upon conviction.
Prosecutors from the Securities Commission requested a RM3 million bail due to the seriousness and scale of the alleged fraud. However, Choong’s lawyer argued for a reduction citing his client’s family obligations and medical issues.
The court set bail at RM420,000 with six local sureties. Choong was ordered to surrender his passport and report monthly to the Securities Commission office. The case will be mentioned again on November 7.
