Ahmad Shah Mohd Shafie, 37, of Nautical Sierra Sdn Bhd, and Arus Md Salleh, 30, of Seri Anggerik Enterprise Sdn Bhd, were initially charged with 246 counts between them, involving RM248.11 million.
However, the charges were reduced to three after they pleaded guilty.
Judge Aizatul Akmal Maharani jailed Ahmad for 15 months after he admitted committing two charges, and Arus for six months after he admitted to one charge.
The court set May 22 for parties that had dealt with the two companies to reclaim their money by submitting the relevant receipts as proof.
Bank Negara Malaysia was represented by prosecuting officer Alvin Ong and deputy public prosecutor Husmarudin Husin.
The company directors were represented by counsel Rosli Kamaruddin and Azmi Ahmad Bakri.