Law Siew Ngoh, 55, Robert Daniel Tan Kim Leng, 59, Ng Back Heang, 62, and Yap Wee Hin, 58, pleaded not guilty when the charges were read in English before Judge Zaman Mohd Noor.

The four were charged with causing four subsidiaries to make payments totalling RM5.1 million for the development of various software for Patimas Computers Berhad, when the payments were not used for the purpose.

The four subsidiaries are Patimas Computer Software Sdn Bhd, Patimas-HPD Systems Sdn Bhd, Patimas Computer Sdn Bhd and Patimas Business Solutions Sdn Bhd.

All the accused allegedly committed the offences at Malayan Banking Berhad’s Bukit Damansara and Yong Shook Lin branches between July 6 and Dec 24, 2010.

They were charged under Section 317 (1) of the Capital Markets and Services Act 2007 (Act 671), read together with Section 34 of the Penal Code, which carries a maximum imprisonment of up to 10 years and a maximum fine of RM10 million, if convicted.

Earlier, Securities Commission Prosecuting Officer Mohd Hafiz Mohd Yusoff requested the court to set bail at RM1 million with one surety and to order the accused’s passports to be impounded.

“This offer takes into account the seriousness of the offence as it involves public interest and also the confidence of the investors in the company,” he said.

Law and Ng who were represented by counsel Jasbeer Singh pleaded for a lower bail of between RM50,000 to RM100,000 on the grounds that the bail amount was only to ensure the presence of the accused at court, while Robert Daniel, who was represented by Raymond Mah, also applied for the same.

Mohd Rizal Bahari, who represented Yap, requested the court not to impose additional conditions on his client as he had emigrated overseas several years ago.

The court allowed the four accused bail at RM200,000 each with one surety, and ordered for their passports to be impounded.

The court set Nov 1 for a re-mention of the case.