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“On 11th March 2013, the Georgetown Sessions Court’s Judge, Khairul Anuar Bin Abdul Halim, fined Soon Kah Heng, 37, and Teoh Chun Loong, 34,  directors of the Opulent Odyssey Sdn. Bhd., a total of RM10,000 after they pleaded guilty to a charge under Section 169(1), Companies Act 1965.

Soon Kah Heng and Teoh Chun Loong have been sentenced to a fine of RM5,000 each in default six (6) months imprisonment after pleading guilty to an offence under section 169 of the Companies Act 1965.

Both directors paid the fines. Upon mitigation, the director had appealed to the court to impose a minimum fine as he was a first time offender. En. Khalil Mahamud from the Prosecution Unit, SSM Pulau Pinang prosecuted on behalf of SSM.

SSM views the breaches committed in the above case seriously. The failure to lay down the audited account of a company in its annual general meeting and further led to the failing to lodge the same deprives the public from having access to financial information of the companies concerned. Thus it creates a doubt in the public mind as to its solvency and stability. Punitive action imposed by court is to remind company directors and their officers, the need to strictly adhere to the requirements of the Companies Act 1965.”

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Source: SURUHANJAYA SYARIKAT MALAYSIA (SSM), 13 March 2013