Court upholds RM84.64mil fraud ruling against ex-Protasco directors

Source: Free Malaysia Today

On 9 March 2026, the Court of Appeal upheld a High Court ruling ordering two former Protasco Berhad directors, Tey Por Yee and Ooi Kock Aun, to pay RM84.64 million over a fraudulent US$27 million investment in an Indonesian oil and gas venture. A three-member bench found no basis to disturb the High Court's finding that the pair had breached their fiduciary duties and fraudulently induced Protasco Berhad into the deal, having concealed their beneficial interest in the companies involved and diverted the sums paid through entities under their control.

The Court of Appeal’s grounds of judgment can be read here.

Our Partners, Peter Justin Skelchy and Joycelyn Teoh Hooi Cheng, together with Senior Associate Tan Zhixin and Associate How Chen Hee acted for Protasco Berhad.

For further information, readers may refer to the original article published by Free Malaysia Today on 7 July 2026.

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