IPOH, March 8 — The High Court here today rejected the application of two directors and two majority shareholders of gold investment company Bestino Group Berhad for a stay of proceedings on the suit filed against them by the minority shareholders of the company.
Judge Datuk Samsudin Hassan also ordered the four defendants, namely Chong Yuk Ming (director), Chang Kuei Geh (director), Goon Koon Lee and Ho Chee Cheong pay cost of RM3,000 to Bestino Group Berhad – the plaintiff.
The plaintiff was represented by counsel Effa Ruzanna Anuar while the two directors were represented by counsel Dexter Mah.
Speaking to reporters outside the court, Effa Ruzanna said the court’s decision allowed the proceedings of the suit filed by them to continue.
“This is the derivative action taken by the minority shareholders against the four defendants,” she said.
She said the four defendants filed the application for stay of proceedings to enable the hearing of their money laundering cases at the Sessions Court to be completed first.
Effa Ruzanna said the court fixed April 13 for case management.
In July last year, the High Court allowed the minority shareholders of the gold investment company to proceed with the derivative action to determine whether the rights of the 6,764 minority shareholders had been suppressed.
In February 2011, the two directors were charged in the Sessions Court here with 322 counts of money laundering involving RM156 million and five counts of accepting deposits without a licence.
Bank Negara also seized the company’s assets under the Prevention of Money Laundering and Financing of Terrorism Act, 2011 amounting to RM24.2 million as evidence. — Bernama
