Vice President of Asia Pacific Commercial Bank(APCB) Woo Mun Chee

The Vice President of Asia Pacific Commercial Bank(APCB) Woo Mun Chee, a Malaysian, was removed as the Vice President of the bank and as a director by the Board of Directors of the APCB. He was stripped of any authorities he had in the bank and sued for fraud and conversion of bank funds for personal use.
Court entered default judgment against Mr. Woo Mun Chee and in favor of Asia Pacific Commercial Bank (APCB) for $163,896.38 plus pre-judgment interest of 15% and post-judgment interest of 9% per annum plus attorney’s fees and cost.
According to court filed documents, Mr. Woo Mun Chee’s increasing number of large withdrawals of money from the bank was noticed by the Financial Institutions Commission as potentially affecting bank’s capitalization levels. Financial Institutions Commission on December 2017 ordered the APCB to take corrective measures to ensure that Mr. Chee does not endanger the bank’s current capitalization levels.
Mr. Chee has been claiming expenses that were deemed “fraudulent, unjustified and unlawful”. As of November 2017, Mr. Chee had already claimed $119,498.94 as expenses from the bank.
Mr. Chee who was the Vice President, member of the Board of Directors and one of the bank’s account signatories was removed by the Bank’s Board of Directors in January of 2018.
Summons of the lawsuit filed against Mr. Woo Mun Chee was issued to Mr. Chee in Malaysia in April of 2019 but he failed to plead or defend himself and the court issued default judgment against him in July of 2020.
Asia Pacific Commercial Bank was incorporated in Palau on August 19, 1999 and Mr. Woo Mun Chee was one of the incorporating directors of the bank.

Leave a comment

Your email address will not be published. Required fields are marked *