Kuala Lumpur, 15 October 2008
SC completes restitution to Powerhouse investors
The Securities Commission (SC) has successfully completed its efforts to restitute investors of Powerhouse Asset Management Sdn Bhd (Powerhouse). The restitution was made possible following the SC’s civil suit in November 2007 against Powerhouse and its Singaporean executive director and shareholder Tan Kok Kheng. The conclusion of the suit saw the SC entering into a consent judgment with the defendants, resulting in the defendants making full and final settlement of the judgment sum.
The SC filed the civil suit after Powerhouse was found to have breached a condition of its licence when it ventured into an unapproved investment scheme involving gold structured products. Following SC’s investigation, gold wafers worth approximately RM2.51 million and a total of RM10 million cash were restituted to 75 investors.The resolution of this matter is another example of the SC’s commitment to protecting investors and upholding public confidence in the capital market.