KUALA LUMPUR: Protasco Bhd today announced that former directors Tey Por Yee and Ooi Kock Aun have been ordered to pay the company  RM84.6 million, with interest of 5 per cent per annum to be calculated from September 22, 2014, after being found to have breached their fiduciary duties when they were directors of the company.

Tey and Ooi were accused of misleading Protasco, while being directors in the company, by entering into an oil and gas investment agreement with PT Anglo Slavic Utama, through the purchase of 63 per cent of PT Anglo Slavic's shares in Indonesia in 2014.

On September 1, 2023, Protasco announced to Bursa Malaysia Securities, that the learned High Court Judge found that Protasco has established its claim for breach of fiduciary duties, breach of Sections 131 and 132E of the Companies Act 1965, fraud and conspiracy to defraud on the part of Tey and Ooi.

The learned High Court Judge allowed the company's claim for a declaration that Tey and Ooi acted in breach of their fiduciary duties as directors of the company.

The learned High Court Judge also awarded costs in the sum of RM650,000.00 in favour of Protasco, to be paid by Tey and Ooi.

Protasco reported a net loss of RM6.3 million for the second quarter ended June 30, 2023, on RM233.3 million revenue.