Datuk named in RM1 bil investment scam ordered to pay back RM600 mil [NSTTV]

KUALA LUMPUR: A 'Datuk' accused of defrauding hundreds of investors, resulting in losses of approximately RM1 billion, has been ordered by the High Courts in Malaysia and the United Kingdom (UK) to pay Zavarco Group over RM600 million for various breaches of fiduciary duties.

Zavarco Investor Relations executive BS Maniam, said that this involves final judgments from courts in Malaysia and the UK against the individual for various corporate offences and fund misappropriations, including breach of trust.

"Several judgments that were made include 101.5 million Euros (approximately RM512 million) in the UK High Court for wrongfully issuing shares of the public company (Zavarco Plc) to himself without cash consideration.

"A judgment of RM29 million (excluding interest) was made in the Malaysian High Court for manipulating Zavarco Berhad's accounts falsely to claim money for himself as repayment for directorial advances.