Former Cold Storage directors' acquittal in RM185 million CBT case upheld


KUALA LUMPUR: Two former directors of Cold Storage (M) Bhd breathed a sigh of relief when the High Court here today upheld their acquittal from a criminal breach of trust (CBT) charge involving RM185 million 20 years ago.

Judge Datuk Nordin Hasan made the decision after dismissing the prosecution's appeal against a sessions court decision on June 20, 2011, which acquitted and discharged Datuk Yip Yee Foo, 58, and Datuk Chun Wai Meng, 52.

In his judgement, Nordin said the High Court was satisfied with the trial court's verdict, which held that the defence had established a reasonable doubt in the prosecution's case.

"The sessions court's decision is maintained and the prosecution's appeal is therefore dismissed," the judge ruled.

Yip and Chun, who were the then-directors of Cold Storage were alleged to have misused the money by transferring it from the company's bank account at Deutsche Bank (Malaysia) to the bank account of Cycle & Carriage Limited at Standard Chartered Bank in Singapore, for the purchase of share units by Excoplex Sdn Bhd and Fulham Finance and Trade Limited.

The duo allegedly committed the offence at Deutsche Bank, Level 18-20, Menara IMC, 8, Jalan Sultan Ismail here, between Sept 16, 1997 and March 20, 1998.

Their charge under Section 409 of the Penal Code carries a jail sentence of up to 20 years and a fine and caning, if convicted.