APFT takes legal action against former director

July 18, 2018 | By | Reply More

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PETALING JAYA: APFT Bhd’s board of directors are taking legal action against its former director Datuk Faruk Othman for allegedly misappropriating funds, causing the company’s fall into the Practice Note 17 (PN17) category and breach Main Market Listing Requirements.

Its board of directors told the stock exchange that the company has filed a Writ and Statement of Claim on July 18 against the former director.

The company had also filed a Notice of Application to seek a statutory injunction against Faruk who resigned as an executive chairman in November last year.

The injunction includes, barring Faruk and his representatives or nominees from participating in the management of the company as well as to restrain him from exercising his voting rights attached to the company shares.

“As the time of this announcement, the Cause Papers of this Suit had not been sealed yet. The company will make further announcement once the Cause Papers are sealed and extracted,” the board added.

APFT Bhd is involved in flight training and aircraft maintenance services.

Its shares fell 16.67% to 2.5sen with 83.73 million shares done.

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