Bluemount hits Industronics with US$5.6mil lawsuit
KUALA LUMPUR: Bluemount Fund SPC has filed a lawsuit in the High Court against loss-making Industronics Bhd and five other defendants, seeking more than US$5.6 million over alleged misappropriation of funds and unauthorised transfers.
Bluemount Fund SPC has filed a lawsuit in the High Court against Industronics Bhd and five others, demanding over US$5.6 million for alleged fund misappropriation and unauthorized transfers. The claim includes a principal sum of US$4.6 million and accrued interest of around US$552,000. The fund has reported the highest level of criminal offenses to both Hong Kong and Malaysia's respective authorities, demanding an immediate joint investigation and freezing of implicated accounts under anti-money laundering laws.
Bluemount claims Industronics' executive chairman, Datuk Leong Sir Ley, admitted during a June 5 board meeting that the US$5.26 million loan had been fully transferred out of a designated trust account in early May. The firm alleges that the implicated management engaged in cover-up operations, attempting to legitimize an illegal embezzlement as a legitimate investment.
Two independent non-executive directors of Industronics opposed the fraudulent document and reported the matter to Bursa Malaysia, the Securities Commission, and police. Industronics has disclosed potential liabilities of up to US$5.15 million after the lawsuit.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
