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Conman Partner

892 Views  ⚫  Asked 7 Years Ago
asked on Apr 15, 2015 at 02:23
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Hi there, I need some advise. I have a Sdn. Bhd. company. My partner did a fake contract for supplying some hardwares to a client. He hook up with some hardwares company to get over a million from the hardware company as guarantee deposit. And now the money is no where to be found. If the hardware company sues my company will I be affected? As I am one of the director in the company. Pls advise.
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2 Answers

answered on Apr 15, 2015 at 17:04
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If sued, shareholders ( not directors ) are liable up to the limit of company's Authorised Capital.
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answered on Apr 15, 2015 at 17:36
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Is your company paid up capital RM2 ??

If your company Paid up capital is only RM100k, the Authorised Capital is RM200K, it is the folly of those hardware companies to pay deposits of up to the tune of 1M. If the Directors of the company (esp Cheques Signatories ) cannot explain where the money has gone to, CBT.. Even if family owned companies, ROC can haul up Directors for CBT under Company Act. The victims recourse is to sue for the moneys deposited.
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