
Ex-MD of O&G firm claims trial to improper use of position
KUALA LUMPUR : A former managing director of an oil and gas firm has pleaded not guilty in the sessions court here to a charge of improperly using her position in the company.
Farah Sabryna Nasarudin was charged with misusing her position as Asiapac Oil & Gas Sdn Bhd's managing director to appoint her husband, an Australian national, as the firm's technical adviser.
Farah was also accused of ordering the transfer of RM786,209.30 from the company to her bank account for the benefit of her and husband.
She was charged with committing the offence at Asiapac's office in Q Sentral here between Jan 27, 2021 and July 28, 2023.
The charge was framed under Section 218(1)(d) of the Companies Act. If found guilty, she faces up to five years in jail, a maximum fine of RM3 million, or both.
Judge Hamidah Deril granted Farah bail of RM20,000 with one surety and fixed Sept 3 for mention.
Farah was represented by lawyer A Narainasamy while deputy public prosecutor Nur Shakila Shariff appeared for the prosecution.
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Her applications to validate the shares were also dismissed. The High Court reasoned that allowing the shares to stand would unfairly dilute the ownership of the other siblings and went against the legal requirement for prior approval under the CA 1965. Court of Appeal — Informal agreements may count Kathryn appealed. The Court of Appeal reversed the decision of the High Court. It found that even though the proper procedures weren't followed, the family had known about the issued shares for years and signed documents that referred to the new shareholdings. According to the Court of Appeal, this amounted to 'informal assent' — in other words, the brothers had accepted the share issuance through their conduct, even if there was no formal meeting or written approval. The delay by WKC and WKY in seeking reliefs through the nullification suits, which were commenced almost six to seven years after the shares were issued to WKN connotes knowledge and acquiescence on their part. 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