Court rules Advance Information's ex-executive director breached fiduciary duties, to pay company RM2.6 mil

TheEdge Tue, Feb 06, 2024 11:27pm - 2 months View Original

KUALA LUMPUR (Feb 6): Advance Information Marketing Bhd (AIM) has secured a court declaration that its former executive director Chean Meng Hee had breached his fiduciary duties to the company concerning the sale of treasury shares.

The court also ordered Chean to pay the business process outsourcing solution provider RM2.6 million in special damages as sought by the company, AIM said in a bourse filing.

AIM had filed the lawsuit against Chean at the High Court in May last year, and the matter came up for hearing on Tuesday.  

According to AIM, the company was also granted an order requiring Chean to indemnify AIM against any liability, costs and damages relating to the breach of the ACE Market Listing Requirements pertaining to the sale of treasury shares by the former director.

No other details of the case were disclosed in the company’s filing on Tuesday or in prior cited filings.

Chean spent a little over a month on AIM’s board in 2021. He was appointed as an executive director on Sept 3 that year, before being voted out by the company’s shareholders at an extraordinary general meeting on Oct 8.

Shares in AIM ended unchanged at 7.5 sen, giving the company a market capitalisation of RM27.44 million.

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