Business · Malaysia Bureau
Accountant pleads not guilty to helping firm evade RM2.5 million in taxes
An accountant has denied charges of assisting a fishery company to conceal over RM10.6 million in sales transactions from its bank statements. The alleged scheme was designed to help the firm avoid substantial tax obligations.
LSN Malaysia ·
The accountant appeared in court to contest accusations that he provided advice to Penshrimp Fishery Sdn Bhd to omit significant sales transactions from the company's official banking records. Authorities allege the undisclosed transactions totalled RM10,678,133, resulting in tax evasion amounting to RM2.5 million. The failure to record these sales in the company's bank statements represented a deliberate attempt to underreport the firm's financial activities to tax authorities. The case underscores ongoing concerns about financial compliance in Malaysia's fishing and aquaculture sector. Investigations into the matter remain ongoing as prosecutors prepare evidence for trial proceedings.