FORMER Member of Parliament (MP) Chng Hee Kok, also an independent director of several listed companies here, has been fined $5,000 for breaching the Companies Act. The NTUC Club CEO pleaded guilty in the Subordinate Courts yesterday to one charge of failing to disclose his beneficial interest in the company, Stoval Technologies Pte Ltd, to a private NTUC Club company he is a director of, which had business dealings with Stoval. The Companies Act says it's an offence not to declare one's interest in a transaction involving a company where one is a director, to other board members. Chng's lawyer, Lee Teck Leng of Lee Associates, argued that his client had made a verbal declaration of his interests in Stoval as well as abstained from participating in the business dealings between Stoval and the NTUC Club companies - and urged the court to impose just a light fine. Chng, 59, was fined the maximum $5,000 prescribed by the charge - but escaped the jail sentence. Two other similar charges against Chng - involving two other private NTUC Club companies - were stood down by the prosecution yesterday.
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