THE Kuala Lumpur High Court has ruled in favour of Protasco Bhd, ordering former director Datuk Tey Por Yee and associate Datuk Ooi Kock Aun to pay the company RM84.64 million for breaching fiduciary and statutory duties related to a 2014 sale and purchase agreement. 

Protasco sued the individuals for US$27 million (RM88.41 million then) in 2014, alleging they failed to disclose their interest in the transaction, conspired to defraud the company, and engaged in secret profit-making. 

The judgement includes a 5% per annum interest calculated from September 22, 2014, until full settlement.

Protasco’s shares closed 5.13% lower at 18.5 sen today, resulting in a market capitalisation of RM91.65 million. – TMR