KUALA LUMPUR (Dec 7): D’Nonce Technology Bhd is suing its former managing director and CEO, Law Kim Choon, accusing him of committing fraud and conspiracy and of breaching fiduciary duties.
Joining D’Nonce Technology in filing the suit at the High Court in Penang were the group’s subsidiaries D’Nonce (M) Sdn Bhd and Attractive Venture Sdn Bhd.
Besides Law, also named as defendants in the suit are Lin Kath Sdn Bhd, Ferummas Precision Engineering (M) Sdn Bhd and Stride Electronics (Malaysia) Sdn Bhd.
In a filing with Bursa Malaysia today, D’Nonce Technology said the court has granted interim orders against Law, restraining him from dealing with the group’s securities and exercising any voting rights or any other rights attached to any securities of the group.
Law is also barred from being directly or indirectly involved in the management of the group, until the disposal of the action.
D’Nounce’s share price fell 4.5 sen to 41.5 sen today, for a market capitalisation of RM96.85 million.