Civil Actions in 2007
2007
No Breach Defendant(s) Brief facts of the case
1. Holding out as a fund manager without a license
  • Lee Kee Sien
  • Choo Mun Hoe
  • Amir Hassan
  • Dynamic Revolution Sdn Bhd
  • SMF International Ltd
  • SMF (1948) International Ltd
  • Swiss Mutual Fund S.A
On 21 June 2007, SC filed a civil suit seeking orders restraining the defendants from acting and/or holding out as fund managers and investment advisers (breach of Section 14 & 15A SIA) and declarations that the defendants’ assets be restored to the investors.In the interim, the following orders have been obtained:

  • Mareva orders freezing the assets of the defendants in Malaysia and overseas to preserve the assets until final determination by the court.
  • Order directing one of the defendants, Amir Hassan to transfer RM35 million in accounts overseas back to Malaysia.

Attachments:

2. Disposal of assets without shareholders’ approval & failure to announce such disposal on Bursa Malaysia
  • Ayer Molek Rubber Company Berhad
  • Ropizah Ambri & Co

 

On 6 September 2007, SC filed a civil suit and obtained an injunction to prevent The Ayer Molek Rubber Company Berhad and its solicitors Messrs. Ropizah Ambri & Co from disposing of or dealing with or dissipating any of its assets in or outside Malaysia up to the value of RM20 million, which represents the company’s sale proceeds of several pieces of land in 2006 and 2007.Attachments:

3. Submitting misleading statement to Bursa Malaysia Securities Berhad Kenneth Vun @ Vun Yun Liun 

 

On 26 September 2007, SC filed a civil suit against Kenneth Vun @ Vun Yun Liun (Kenneth Vun), managing director and a shareholder of FTEC Resources Bhd (FRB) to compel him to restitute RM2.496 million to the company. The sum represents part of proceeds raised by FRB in an initial public offering in 2003.Attachments:

3. Contravention of licensing condition in fund manager’s license and fund manager’s representative license
  • Powerhouse Asset Management Sdn Bhd
  • Tan Kok Kheng

 

Powerhouse was a licensed fund manager and Tan Kok Kheng was a licensed fund manager’s representative and former Executive Director of Powerhouse who had breached their respective licensing condition when they solicited investments in gold structured products. In the civil action, the SC is seeking restitution of RM1.925mil as shortfall of investments to be returned to investors.Attachments: