KUALA LUMPUR: Two former directors of MMAG Holdings Bhd's unit are facing charges related to alleged dishonest misappropriation of property.
In its filing with Bursa Malaysia today, the company said its subsidiary M Jets International Sdn Bhd (MJets) has received a letter from the Malaysian Anti-Corruption Commission on its former directors Gunasekar Mariappan and Philip Phang Kin Ming.
Both of them had been charged at the Shah Alam sessions court, it said.
MMAG said Gunasekar and Phang were slapped with seven charges under Section 403 of the Penal Code, concerning dishonest misappropriation of property.
"The company wishes to reiterate that at all material times, it had taken immediate steps to safeguard the interests of the group," it added.
In February 2022, MMAG suspended Gunasekar and Phang, pending the outcome of an investigation by the anti-graft body following a raid on MJet's office.
Later in April 2022, the pair were removed from their posts at MJet and sued by MMAG for alleged breach of fiduciary duties.