Datuk implicated in NT$1 billion fraud case ordered to pay over NT$600 million to Zavorco

KUALA LUMPUR (April 8): The High Courts of Malaysia and the United Kingdom have ordered a businessman with the title of "Datuk" to pay more than RM600 million to the Zavarco Group for breach of trust.

The "Datuk" is also suspected of defrauding hundreds of investors, causing them to lose about RM1 billion.

The New Straits Times quoted Zavarco investor relations director BS Malian as saying that this was the final judgment of the Malaysian and British courts against the individual for various commercial crimes and misappropriation of funds, including breach of trust.

He said several judgments included a fine of 101.5 million euros (about RM512 million) imposed by the UK High Court on the defendant for wrongfully issuing shares of a listed company (Zavarco Plc) to him without cash consideration.