Monday, August 22, 2011

Federal Court dismisses FTEC MD Vun's appeal

KUALA LUMPUR: The Federal Court has unanimously dismissed Kenneth Vun's application for leave to file an appeal against the decisions of the Court of Appeal and High Court ordering him to make restitution of RM2.496 million to FTEC Resources Bhd.

The Securities Commission said on Monday, Aug 22 the orders also restrained Vun from directly or indirectly managing the funds of FTEC Resources and any of the FTEC group of companies.

'SC's investigation into the utilisation of the public issue proceeds by FTEC Resources showed that Kenneth had used a portion of the proceeds for his own benefit and personal use which led to the above orders being made by the High Court in November 2009,' it said.

The SC said this decision of the Federal Court was Vun's last avenue of appeal after being unsuccessful at the Court of Appeal as well as the High Court.

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