By Faisal Asyraf | Free Malaysia Today

Revenue Group Bhd co-founders Ng Shih Fang (left) and Shih Chiow at the Kuala Lumpur Sessions Court today.

Two co-founders of Revenue Group Bhd pleaded not guilty in the Sessions Court today to a charge of fraudulent disposal of a company asset five years ago.

Ng Shih Fang, 47, and his brother, Shih Chiow, 50, claimed trial after the charge was read before judge Rozina Ayob.

The charge was framed under section 403 of the Penal Code, which carries a jail term of six months to five years, whipping, and a fine on conviction.

They are accused of fraudulently causing a CIMB Bank officer known as Lee Pei Yee to dispose of a Toyota Vellfire, an asset belonging to Revenue Group, without the approval of the company’s Board of Directors.

The car ownership was allegedly transferred to Shih Fang.

They are alleged to have committed the offence at the road transport department at Jalan Genting Kelang in Setapak on Oct 3, 2018.

They were allowed bail of RM10,000 each in one surety.

The brothers were represented by Amer Hamzah Arshad and Dzulkifli Ahmad, a former Malaysian Anti-Corruption Commission (MACC) Chief Commissioner.

Deputy Public Prosecutor Law Chin How carried out the prosecution.

The court fixed April 14 for mention of the case.

In January, The Edge reported that Revenue Group had initiated legal action against the brothers for violating Bursa Malaysia’s listing requirements in relation to the group’s unaudited quarterly reports.

In the same month, the company suspended the duo from their executive functions.

According to the company’s website, Shih Chiow was its chief operating officer while Shih Fang was the chief technology officer. They were also executive directors.