By Hafiz Yatim | The Edge Malaysia
Revenue Group Bhd’s former director Brian Ng Shih Chiow, who is also a co-founder of the cashless payment solution provider, has been charged in the Sessions Court with 12 counts of forgery of invoices and purchase orders with the purpose of cheating the company.
Shih Chiow, 50, was charged with forging invoices and purchase orders, amounting to RM13.829 million, for several companies.
He allegedly committed the offence with manager Cheng Choon Choon at Wisma Revenue, Kepong between May 22, 2020 and Aug 8, 2022.
The forged invoices and purchase orders were for Golden Infor Services, Accucom Solutions PLT, and Omega Dynasty Sdn Bhd.
Shih Chiow claimed trial to all charges under section 468 of the Penal Code before Sessions Court judge Rozina Ayob.
If convicted, Shih Chiow stands to face a maximum jail term of seven years and shall be liable to a fine.
Rozina granted bail at RM500,000 with one surety, and Shih Chiow was ordered to report to the Malaysian Anti-Corruption Commission (MACC) office once a month.
The judge also fixed July 18 for mention.
Deputy Public Prosecutors Allan Suman Pillai and Mohd Shahrom Idris appeared for the prosecution, while Amer Hamzah Arshad and New Sin Yew represented Shih Chiow.
In March, Shih Chiow and his brother Ng Shih Fang, who is also a former director and co-founder of Revenue Group, claimed trial to criminal misappropriation of property, also in Rozina’s court.
They were charged with having common intent to fraudulently cause a CIMB Bank Bhd officer to register the company’s asset, a Toyota Vellfire, under Shih Fang’s name. The registration was done without a resolution from the company’s board of directors.
Revenue Group was embroiled in a boardroom tussle between three co-founders over the past six months.
The feud started in January. In one corner was Chairman Datuk Eddie Ng Chee Siong, who is also a co-founder, and in the other corner were the two brothers, Shih Chiow and Shih Fang.
Interestingly, none of the co-founders are now in control of Revenue Group after the boardroom battle. Shih Fang is the single largest shareholder holding a 9.9% stake, a reduction from 17.71% previously. The other two do not hold any stake now.
Besides Shih Fang, other substantial shareholders of Revenue Group, according to Bloomberg data, are CIMB Bank (held via CIMB Group Holdings Bhd) at 5.19%, Teh Chee Hoe with 5.01%, and Leong Seng Wui who holds a 5% stake.
The company has recently proposed a private placement to raise fresh capital.
The two siblings were suspended from their executive duties on Jan 4.
In February, Revenue Group announced that two of its directors were arrested by the MACC over an alleged false claim relating to the purchase of thermal printing paper worth more than RM400,000.
In the same announcement to the stock exchange, the company said that it decided not to proceed with a special review of its subsidiary Revenue Harvest Sdn Bhd.
To recap, about a month prior, Revenue Group appointed LSP & Co, a corporate insolvency and restructuring firm, to undertake the special review, following the suspension of Shih Chiow and Shih Fang over alleged suspicious transactions involving payment by Revenue Harvest purportedly for the purchase of thermal paper rolls.
In late March, two and a half months after their executive functions were suspended, Shih Chiow and Shih Fang resigned from the board. The brothers’ resignations came less than a week after Chee Siong resigned due to personal matters on March 14, and offloaded his entire 25.34 million shares or 5.26% stake in the group.
The duo stepped down from the board within two weeks after they were charged in the Sessions Court with fraudulently causing a bank employer to sell a vehicle belonging to the company without a resolution from the board of directors.