Former Perwaja boss Eric Chia Eng Hock died this morning at 9am at a hospital in Sungai Petani, Kedah. He was 74.

He is believed to have died after developing breathing difficulties.

eric chia court case acquittal 260607 wheelchair In June last year, the tycoon was acquitted in the Kuala Lumpur Sessions Court of committing criminal breach of trust 13 years ago.

He was acquitted of misappropriating RM76.4mil from Perwaja Rolling Mill and Development Sdn Bhd in his capacity as its managing director on Feb 19, 1994.

The court also acquitted Chia of an alternative charge of dishonestly disposing of Perwaja's funds by entering into an agreement with NKK Corporation, Japan, and authorising the RM76.4mil to be paid into the account of Frilsham Enterprise Inc with the American Express Bank Ltd, Hong Kong.

He had been accused of doing so without the approval of the board of directors of Perwaja Rolling Mill and Development Sdn Bhd.

Vindication 'came too late'

The wheelchair-bound Chia had told the press then that vindication had come too late.

He added that he had lost his family and was estranged from his son and daughter because of the shame.

He has also got a defamation suit pending against DAP secretary-general Lim Guan Eng.

The case was a result of a police report that Lim had lodged in 2002.

Chia alleged that the report was calculated to disparage him, implied that he was dishonest and that had acted in a manner detrimental to the interest of Perwaja, while portraying him as corrupt.

The High Court had set Aug 28 for case management of the defamation suit.