Wednesday, 25 June 2008

Perwaja's Eric Chia dies

Former Perwaja Steel Sdn Bhd managing director Tan Sri Eric Chia Eng Hock died at about 9am Tuesday at a hospital in Sungai Petani after having developed breathing difficulties.

In June last year, the 74-year-old tycoon was acquitted in the Kuala Lumpur Sessions Court of committing criminal breach of trust 13 years ago.

Judge Akhtar Tahir acquitted him of misappropriating RM76.4mil from Perwaja Rolling Mill and Development Sdn Bhd in his capacity as its managing director on Feb 19, 1994.

The judge also acquitted Chia of an alternative charge of dishonestly disposing of Perwaja’s funds by entering into an agreement with NKK Corporation, Japan, and authorising the RM76.4mil to be paid into the account of Frilsham Enterprise Inc with the American Express Bank Ltd, Hong Kong.

He had been accused of doing so without the approval of the board of directors of Perwaja Rolling Mill and Development Sdn Bhd.

The judge ruled the prosecution had failed to establish a prima facie case against Chia. The prosecution has filed an appeal against the decision.

The wheelchair-bound Chia, upon his acquittal, told the press then that vindication had come too late. He said he had lost his family and was estranged from his son and daughter because of the shame. - The Star

1 comment:

Hi&Lo said...

Eric Chia was a very arrogant man. If he was estranged from his son and daughter due to the Perwaja case, he had received his just reward. No father can receive a worst punishment than this.

He was acquittted by the court does not mean he was not responsible. Not for us to judge but the losses are collasal to ordinary Malaysians.