THE Securities Commission Malaysia (SC) today charged Yong Man Chai, 47, the former Chief Financial Officer of AT Systematization Berhad (now Erdasan Group Berhad), at the Kuala Lumpur Sessions Court for allegedly causing a wrongful loss of RM7.821 million to the company.
Yong faces 20 charges under Section 317A(1) of the Capital Markets and Services Act 2007 (CMSA) for purportedly making payments totaling RM7.821 million to five companies with the intention of causing the loss.
The companies involved were Delta Million Dynamic Sdn Bhd, Midas Mode Sdn Bhd, LMC Multi Trading, Midland Sands Sdn Bhd, and Silver Metal Sdn Bhd. The alleged offences occurred between July 2020 and October 2021 in Petaling Jaya, Selangor.
Under Section 317A(1) of the CMSA, a director or officer of a listed corporation or any of its related corporations shall not act with the intention of causing wrongful loss to the listed corporation or its affiliates.
If convicted, Yong could face a jail term of two to ten years and a fine of up to RM10 million.
Yong pleaded not guilty to all 20 charges in three separate courts and was granted a total bail of RM350,000.
At the Kuala Lumpur Sessions Court before Judge Puan Norma Ismail, he was granted RM160,000 bail with two local sureties and was ordered to surrender his passport and report to the SC’s investigating officer monthly.
In separate hearings, he was granted bail of RM120,000 and RM70,000 before Sessions Court judges Puan Suhaila binti Haron and Tuan Azrul bin Darus, under similar conditions.
Earlier, on 8 October 2025, the former Managing Director of ATS, Choong Lee Aun, was charged with causing a wrongful loss of RM16.35 million to the company.
The SC noted that the charges against Yong were facilitated through close collaboration with both domestic and international law enforcement agencies.
The Commission expressed its appreciation to the International Criminal Police Organisation (INTERPOL) and Malaysia Airports Aviation Security (AVSEC) for their assistance.
“Through joint efforts, we are committed to ensuring that perpetrators of securities laws are brought to justice,” the SC said. - November 12, 2025
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