SC charges former director of asset management company for securities fraud
|The Securities Commission (SC) charged Wahid Ali bin Kassim Ali today in the |
Kuala Lumpur Sessions Court 2, one of the dedicated courts for capital market offences.
Wahid Ali, one of the directors and shareholders of Aiwanna Manage Assets Sdn Bhd was charged with three separate charges under Section 87A(c) of the Securities Industry Act 1983 (SIA) for omitting to state a material fact causing a statement to be misleading.
Aiwanna Manage Assets Sdn Bhd (Aiwana) is a former licensed asset management company.
Between the period of 31 December 2001 until 11 March 2002, one of Aiwanna’s clients, Eastern Pacific Industrial Corporation Berhad (EPIC) had received three monthly Statement of Accounts from Aiwanna that were signed by Wahid Ali that gave an impression that EPIC’s investment placed with Aiwanna was invested under the
The SC found that Wahid Ali had omitted to state a material fact, which is that the investment was instead placed with Asasi Trade & Marketing Sdn Bhd for the purpose of investment in the foreign exchange market.
The offences are punishable under Section 88B SIA, which carries a penalty of a fine not less than RM1 million and imprisonment not more than 10 years.
The Court has fixed the case for trial on 10 to 14 July 2006. The Accused is on bail of RM200,000 with one surety and his travel documents were surrendered to the Court.