Tan Eng Boon quits as Paragon Globe chairman amid graft charges

KUALA LUMPUR (Dec 29): Datuk Tan Eng Boon, who is currently facing graft charges for bribing former federal territories minister Datuk Seri Tengku Adnan Tengku Mansor in relation to a property project in Kuala Lumpur, has resigned as chairman of Paragon Globe Bhd.

The company announced Tan’s resignation, which it said is due to a “personal matter”, in a stock exchange filing yesterday.

The 70-year-old businessman was appointed to the company’s board on Nov 27, 2017, as its non-independent and non-executive chairman. Tan, who has been reported to be the chairman of Johor-based property firm Joland Group of Companies, does not hold any directorship in other public companies, according to Paragon Globe’s latest annual report.

In November, Tan pleaded not guilty to giving Tengku Adnan RM1 million to induce the latter to approve an application from Nucleus Properties Sdn Bhd (now known as Paragon City Development Sdn Bhd) to raise the plot ratio for a development on Lot 228, Jalan Semarak, Kuala Lumpur.

If found guilty, Tan may be jailed for up to 20 years and fined no less than five times the amount of the gratification, or RM10,000, whichever is higher. He also faces an alternative charge, made under Section 165 of the Penal Code, for allegedly abetting Tengku Adnan in committing the same offence.

Shares in Paragon Globe last traded at RM1.15 on Dec 25, valuing the company at RM214.65 million. — theedgemarkets.com

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