The Malaysia Securities Commission filed criminal charges against a former Managing Director of AT Systematization Berhad, now known as Erdasan Group Berhad, alleging he caused wrongful loss of RM16.35 million to the company. Choong Lee Aun faces 41 charges under section 317A(1) of the Capital Markets and Services Act 2007, linked to alleged payments totalling RM16.35 million to Delta Million Dynamic Sdn Bhd and Midas Mode Sdn Bhd between June 2020 and November 2021. The provision prohibits directors or officers of listed corporations and related corporations from acting with the intention of causing wrongful loss; upon conviction, the offence carries imprisonment of between two and 10 years and a fine of up to RM10 million. Choong claimed trial to all charges and was granted total bail of RM420,000 across three courts, with conditions including surrendering his passport and monthly reporting to the Securities Commission’s investigating officer.
Malaysia Securities Commission 2025-10-09
Malaysia Securities Commission charges former AT Systematization managing director over alleged RM16.35 million wrongful loss
The Malaysia Securities Commission has filed criminal charges against Choong Lee Aun, former Managing Director of AT Systematization Berhad, alleging wrongful loss of RM16.35 million. Choong faces 41 charges under section 317A(1) of the Capital Markets and Services Act 2007, related to payments to Delta Million Dynamic Sdn Bhd and Midas Mode Sdn Bhd. He claimed trial and was granted bail of RM420,000, with conditions including passport surrender and monthly reporting.