Court upholds RM84.64mil fraud ruling against ex-Protasco directors
The Malaysian Court of Appeal has upheld a ruling requiring two former Protasco Bhd directors to pay RM84.64 million in damages. The court found the pair guilty of breaching fiduciary duties and fraudulently inducing the company into a failed Indonesian oil and gas investment.
Why it matters
This case reinforces corporate governance standards and director accountability in Malaysia, signaling that executives can be held personally liable for fraudulent self-dealing.
The Court of Appeal upheld a High Court ruling ordering two former Protasco Bhd directors to pay RM84.64 million over a fraudulent US$27 million investment in an Indonesian oil and gas venture.
The article reports on a legal verdict using neutral, factual language without editorializing the outcome.
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