Former executives linked to TH Properties slapped with CBT and abetment charges for pocketing about RM70k of contractors’ penalties
Two former executives linked to TH Properties in Malaysia have been charged with criminal breach of trust and abetment for allegedly pocketing contractor penalties. Both individuals have claimed trial and are currently out on bail while the legal proceedings continue.
Why it matters
This case highlights corporate governance issues and anti-corruption enforcement within the Malaysian construction and property development sectors.
BURSA SGX Home Highlight Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Sept 3) : Two former managers linked to TH Properties have claimed trial to Criminal Breach of Trust (CBT) and abetment for pocketing RM72,000 of penalties that had been imposed on contractors.
Nasahruddin Ahmad who was a former Health and Safety manager with THP Bina Sdn Bhd — a construction and project management subsidiary of TH Properties Sdn Bhd — was charged with three counts of CBT for depositing the penalties collected from contractor Fourth Wave Sdn Bhd into his personal account.
Fourth Wave was a contractor developing an office complex in Precinct 3, Putrajaya.
The 56-year-old is accused of having committed the offence on three separate occasions — between April and December 2013; between February and December 2014; and between February 2015 and August 2015.
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