Kuala Lumpur, 7 February 2013
SC takes enforcement action against RBTR and seven other individuals

The Securities Commission Malaysia (SC) has filed a civil suit against RBTR Asset Management (RBTR) and seven other defendants for various breaches of the securities laws.

The civil action, which was filed in the Kuala Lumpur High Court on 23 January 2013, names the following 7 other defendants comprising two companies and five individuals:

  • Locke Guaranty Trust Limited, New Zealand (LGT)
  • Locke Capital Investments Ltd, British Virgin Island (LCI)
  • Al Alim bin Mohd Ibrahim
  • Valentine Khoo
  • Isaac Paul Ratnam
  • Nicholas Chan Weng Sung
  • Joseph Lee Chee Hock

The civil suit was filed following SC’s investigations into the affairs of RBTR in 2009 after receiving complaints from investors, particularly those who had invested in its Euro Deposit Investment (EDI) scheme.

At the material time, Al Alim Mohd Ibrahim and Valentine Khoo were directors of RBTR who were also holders of the SC’s Fund Manager’s Representative’s Licence. Nicholas Chan Weng Sung and Joseph Lee Chee Hock were directors of Locke Guarantee Trust (NZ) Limited and Locke Capital Investments (BVI) Ltd whilst Isaac Paul Ratnam was an individual associated with the operations of the two companies.

Among the relief sought by the SC in the civil suit are that the defendants make restitution of RM13,352,250 to the EDI scheme investors who have not been repaid their investments, that the defendants’ assets be traced and paid over to the SC for purposes of compensating the EDI scheme investors and that Al Alim bin Mohd Ibrahim and Valentine Khoo be barred from being involved in the management of any public company for 10 years.

The SC had, in October 2009, obtained an order from the High Court of Kuala Lumpur for the appointment of BDO Binder Malaysia as a receiver over the affairs of RBTR to safeguard investors’ assets and to identify and trace assets held by RBTR on behalf of its investors for each of the schemes offered by RBTR.