| No | Nature of Offence | Offender(s) | Facts of Case | Outcome of Case |
|---|---|---|---|---|
| Outcome of Criminal Trials and Appeals | ||||
| 1. | Money Laundering |
Muhamad Afiq bin Md Isa |
Afiq was charged with 8 counts of money laundering under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing And Proceeds Of Unlawful Activities Act 2001 (AMLATFPUAA) for receiving and transferring proceeds of unlawful activity between May 2020 and October 2021. |
Afiq was charged in the Kuala Lumpur Sessions Court on 11 November 2022. On 23 October 2023, upon the Attorney General’s Chamber’s acceptance of Afiq’s representation, the prosecution against Afiq was discontinued and the charges against him were withdrawn. The Sessions Court accordingly acquitted and discharged Afiq. The matter was settled by way of administrative action by the SC against Afiq on 2 June 2023. The details of the administrative action can be found at the link below: |
| 2. | Money Laundering |
Natasha binti Mohamed Taufek (Natasha) |
Natasha was charged with 1 count of money laundering under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing And Proceeds Of Unlawful Activities Act 2001 (AMLATFPUAA) for receiving proceeds of unlawful activity between May 2021 and October 2021. |
Natasha was charged in the Kuala Lumpur Sessions Court on 10 November 2022. On 23 October 2023, upon the Attorney General’s Chamber’s acceptance of Natasha’s representation, the prosecution against Natasha was discontinued and the charge against her was withdrawn. The Sessions Court accordingly acquitted and discharged Natasha. The matter was settled by way of administrative action by the SC against Afiq on 2 June 2023. The details of the administrative action can be found at the link below: |
| 3. | Money Laundering | Tan Soon Hin (Tan) | Tan was charged with 5 counts of money laundering under section 4(1)(a) of the Anti-Money Laundering, Anti-Terrorism Financing And Proceeds Of Unlawful Activities Act 2001 for engaging in transactions involving proceeds of unlawful activity between January 2020 and November 2021. The unlawful activity was in relation to the provision of unlicensed investment advice by Tan to investors. |
Tan was charged in the Kuala Lumpur Sessions Court on 11 November 2022. On 30 November 2023, upon the Attorney General’s Chamber’s acceptance of Tan’s representation, the prosecution against Tan was discontinued and the charges against him were withdrawn. The details of the administrative action can be found at the link below: https://www.sc.com.my/regulation/enforcement/actions/administrative-actions/administrative-actions-in-2023
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| 4. | Money Laundering | Teh An See (Teh) | Teh was charged with 2 charges under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing And Proceeds Of Unlawful Activities Act 2001 (AMLATFPUAA) and 3 charges under section 4(1)(b) read together with section 87(1)(a) of the AMLATFPUAA for receiving proceeds of unlawful activity between January 2020 and November 2021. Teh is the wife of Tan Soon Hin (Tan) who was separately charged with 5 counts of money laundering under section 4(1)(a) of the same Act. The unlawful activity was in relation to the provision of unlicensed investment advice by Tan to investors. |
Teh was charged in the Kuala Lumpur Sessions Court on 11 November 2022. On 30 November 2023, upon the Attorney General’s Chamber’s acceptance of Teh’s representation, the prosecution against Teh was discontinued and the charges against her was withdrawn. The Sessions Court accordingly acquitted and discharged Teh. The matter was settled by way of an administrative action by the SC against Teh on 1 June 2023. The details of the administrative action can be found at the link below: |
| 5. | Causing wrongful loss to a listed corporation [section 317A(1) of the CMSA read together with section 34 of the Penal Code] |
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Law, Tan, Ng and Yap, former executive directors of Patimas Computers Berhad (Patimas) were jointly charged with ten charges of causing wrongful loss to Patimas. They are alleged to have made payments totalling RM5.1 million between July 2010 to December 2010, for the purported development of various software for Patimas when in fact the payments were not used for such purpose. | On 29 September 2016, Law, Tan, Ng and Yap were charged at the Kuala Lumpur Sessions Court. On 1 November 2023, all charges against them were discontinued upon the instructions of the Attorney General’s Chambers (“AGC”) following a joint representation by all 4 Accused persons. AGC had agreed for the matter to be settled in the civil courts and for the criminal charges to be withdrawn thereafter. The matter was settled at the civil courts by way of a Consent Judgment at the Kuala Lumpur High Court entered between the SC and the Accused persons on 20 September 2023. The details of the Consent Judgment can be found at the link below: |
| 6. | Failing to appear before an Investigating Officer of the Securities Commission Malaysia in connection with an investigation | Ong Kar Kian | Ong Kar Kian (“Ong”) was charged with 3 counts of offences under section 32(8)(a) of Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) for failing to comply with Orders issued by an SC Investigating Officer in 2018. The Orders required him to attend before the Investigating Officer for examination relating to a money laundering investigation under section 32(3)(a) of (AMLATFPUAA). Ong who was the Group Accountant of Asia Media Group Berhad was required by the Public Prosecutor to assist in an ongoing investigation under the Capital Markets and Services Act 2007 and AMLATFPUAA. |
Ong was charged at the Kuala Lumpur Sessions Court on 19 February 2020.
In total, Ong was required to pay a fine of RM1,084,500. Ong’s imprisonment terms were to run concurrently. Ong subsequently filed an appeal against the decision of the High Court. On 23 December 2021, the High Court affirmed Ong’s conviction and sentence on all 3 charges but set aside the daily fine of RM1,500 for 673 days (amounting to RM1,009,500). Ong filed an appeal to the Court of Appeal (“COA”) against the decision of the High Court whilst the Public Prosecutor(“PP)/SC filed an appeal to the COA against the High Court’s order in setting aside the daily fine. On 11 September 2023, the COA dismissed both appeals and affirmed the High Court’s decision. As a result, Ong’s conviction and sentence on all 3 charges remains undisturbed. Similarly, the High Court’s decision to set aside the daily fine has been maintained. |
| 7. | With intent to deceive, furnishing a false statement to Bursa Malaysia Berhad. |
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Norhamzah was at the material time the Group Managing Director while Mohd Azham was an executive director of Kosmo Technology Industrial Berhad (“Kosmo Tech”). Both Norhamzah and Mohd Azham were charged under section 122B(a)(bb) read together with section 122(1) of the Securities Industry Act 1983 and section 369(a)(B) read together with section 367(1) of the Capital Markets & Services Act 2007 for furnishing false statements to Bursa Malaysia Securities Berhad in relation to Kosmo Tech’s eight quarterly reports on the unaudited consolidated results for the financial years 2006 and 2007. Lim Hai Loon, the Accounts Manager of Kosmo Tech at the material time was charged for abetting Kosmo Tech in furnishing the false statements to Bursa Malaysia Berhad in relation to Kosmo Tech’s eight quarterly reports on the unaudited consolidated results for the financial years 2006 and 2007. |
Sessions Court Norhamzah was charged at the Kuala Lumpur Sessions Court on 7 June 2011. On 23 September 2016, all three accused persons were acquitted and discharged by the Sessions Court at the end of the prosecution’s case. The SC then filed an appeal to the High Court against the decision of the Sessions Court. On 30 May 2018, the High Court allowed the Prosecution’s appeal and set aside the Sessions Court decision and ordered all 3 Accused persons to enter their defence and for the matter to be heard before the same Sessions Court Judge. On 29 April 2019, the Sessions Court convicted Norhamzah, Mohd Azham and Lim Hai Loon and sentenced them as follows: Norhamzah and Mohd Azham:
The judge ordered for Norhamzah’s and Mohd Azham’s jail terms to run concurrently, as such they were sentenced to a total imprisonment of 2 years and a fine of RM1.45 million respectively. Lim Hai Loon:
Lim Hai Loon’s jail terms were ordered to run concurrently, as such she was sentenced to a total imprisonment of 1 year and a fine of RM560,000. The Sessions Court Judge allowed a stay of the jail terms pending the Accused persons’ respective appeals to the High Court. High Court On 2 December 2020, High Court allowed the Appellants’ (Accused persons) appeal and set aside their respective convictions and sentences passed by the Sessions Court. Court of Appeal On 18 August 2023, the AGC withdrew the appeal to the Court of Appeal following a representation by the Respondents (Accused persons). |
| 8. | Abetting one Toh Chun Toh Gordon to engage in an act which operates as a fraud in connection with the purchase of securities (Principal Charge) Criminal breach of trust (Alternative Charge) |
Abul Hasan Bin Mohamed Rashid | Abul Hasan, the director of Multi-code at the material time, was charged with abetting Toh Chun Toh Gordon in engaging in an act which operated as a fraud on Multi-code, in utilizing RM17.6 million of its funds to finance the purchase of 11.1 million Multi-code shares. Abul Hasan also faced an alternative charge of committing criminal breach of trust involving RM26 million of Multi-code’s funds. |
On 13 March 2009, Abul Hasan was charged together with Toh Chun Toh Gordon (Gordon). On 22 September 2011, the Sessions Court Judge convicted both Abul Hasan and Gordon of committing criminal breach of trust under section 409 of the Penal Code. Abul Hasan was sentenced to 6 years’ imprisonment while Gordon was sentenced to 12 years’ imprisonment and also a fine of RM1 million. Abul Hasan and Gordon filed an appeal to the High Court against the conviction and sentence. The appeal by Gordon has since abated upon his demise on 27 August 2012. On 29 September 2020, the High Court allowed Abul’s appeal and set aside the conviction and sentence on jurisdictional grounds. On 2 October 2020, an appeal to the Court of Appeal was filed against the acquittal and discharge of Abul by the AGC. The AGC and SC jointly conducted the appeal hearing at the Court of Appeal on 27 May 2022. On 20 July 2022, the Court of Appeal unanimously allowed the appeal and set aside the decision of the High Court. The Court of Appeal further remitted the case to the High Court for the merits of the case to be heard before another High Court judge. On 14 August 2023, after hearing parties’ submissions, the High Court allowed Abul’s appeal and set aside Abul’s conviction and sentence by the Sessions Court. On 17 August 2023, AGC filed a notice of appeal against the decision of the High Court to the Court of Appeal. |
| 9. | With intent to deceive, furnished a misleading statement to Bursa Malaysia | Gan Boon Aun (Gan) | Gan, former Chief Executive Officer and Executive Director of Transmile Group Berhad (Transmile) was charged for abetting Transmile in making a misleading statement relating to Transmile’s revenue in the company’s Quarterly Report on Unaudited Consolidated Results for the Financial Year ended 31 December 2006 which was likely to induce the purchase of Transmile’s shares by other persons, an offence under section 86(b) read together with section 122C(c) of the Securities Industry Act 1983 (SIA). Gan was also charged in alternative with intent to deceive, furnished a misleading statement to Bursa Malaysia in the same financial statement, an offence under section 122B(a)(bb) read together with section 122(1) of the SIA. |
On 12 July 2007, Gan was charged with the principal charge under section 86(b) read together with section 122C(c) of the SIA. On 26 May 2008, Gan was charged in the alternative under section 122B(a)(bb) read together with section 122(1) of the SIA. The trial commenced on 22 July 2010 and the Prosecution closed its case on 28 January 2011 after having called 42 witnesses. On 16 March 2011, the Sessions Court held that the Prosecution had proven a prima facie case and ordered Gan to enter his defence on the alternative charge. On the eve of the hearing of the defence case on 21 June 2011, Gan filed an application under section 30 of the Courts of Judicature Act 1964 (“CJA”) to challenge the constitutionality of section 122(1) of the SIA. Consequently, the trial was stayed pending determination by the Federal Court. On 15 March 2017, the Federal Court upheld that section 122(1) of the SIA was constitutional and ordered for the case to be remitted to the Sessions Court for commencement of defence case. Subsequently on 27 April 2017, Gan filed an application under rule 137 of the Rules of the Federal Court 1995 to review and set aside the decision of the Federal Court on 15 March 2017. On 21 June 2017, Gan’s application was dismissed by the Federal Court. After the matter was remitted back to the Sessions Court by the Federal Court, Gan made another similar application under section 30 of the CJA before the Sessions Court, but it was dismissed by the trial court. On 6 December 2017, Gan filed an appeal to the High Court and simultaneously filed a motion for revision to the High Court on 15 December 2017. On 15 January 2018, the High Court dismissed Gan’s motion for revision. On the very same day, Gan filed an appeal to the Court of Appeal. Gan’s appeal at the High Court was dismissed on 17 May 2018 after the Prosecution successfully raised a preliminary objection. On 18 May 2018, the Court of Appeal allowed the Prosecution’s preliminary objection and dismissed Gan’s appeal. The Court of Appeal ordered for the defence case to commence. The defence case finally commenced on 27 July 2018 with Gan taking the stand. On14 February 2020, the defence closed its case without calling any other witness. On 27 August 2020, Gan was convicted by the Sessions Court on the alternative charge. Gan was sentenced to a fine of RM2.5 million (in default, 18 months’imprisonment) and 1 day imprisonment. The SC filed an appeal to the High Court against the sentence imposed by the Sessions Court, whilst Gan appealed against both the conviction and sentence. On 18 October 2021, Gan’s appeal against his conviction was struck out by the High Court as Gan had failed to attend the hearing of his appeal. On 25 January 2022, the High Court proceeded to hear the SC’s appeal against sentence in Gan’s absence as the court was satisfied that the SC’s Notice of Appeal was served on Gan as Gan’s counsel had attended the case management on two occasions before the counsel discharged himself. The High Court then allowed the SC’s appeal and substituted the imprisonment term of 1 day with 24 months. The fine of RM2.5 million however was maintained by the High Court Gan (through his daughter) then proceeded to file an appeal to the Court of Appeal.On 10 July 2023, following submissions from lawyers acting for Gan’s daughter and the SC, the Court of Appeal unanimously allowed Gan’s appeal. Gan however, was not present in court. The High Court order which had enhanced the imprisonment sentence was set aside. The 1-day imprisonment term imposed by the Sessions Court was restored whilst the RM2.5 million fine was maintained. |
| 10. | Failing to appear before an Investigating Officer of the Securities Commission Malaysia in connection with an investigation. | Amirruddin bin Nin | Amirruddin bin Nin (“Amirruddin”) was charged with 3 counts of offences under section 32(8)(a) of Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) for failing to comply with Orders issued by an SC Investigating Officer in 2017 and 2018. The Orders required him to attend before the Investigating Officer for examination relating to a money laundering investigation pursuant to section 32(3)(a) of AMLATFPUAA |
Amirruddin was charged at the Kuala Lumpur Sessions Court on 19 February 2020. After a full trial, on 14 July 2022, the Sessions Court convicted Amirruddin on all 3 charges and sentenced him as follows:
In total, Amirruddin was required to pay a fine of RM2,258,000. Following the decision of the Sessions Court, Amirruddin filed an appeal against his conviction and sentence to the High Court. On 28 June 2023, the High Court ordered as follows:
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| 11. | Securities Fraud | Chua Yi Fuan (Charles Chua) | Charles Chua, formerly Vice President of Debt Markets at Hong Leong Investment Bank Berhad, was charged with 17 counts of securities fraud under section 179(b) of the Capital Markets and Services Act 2007 (“CMSA”). He is alleged to have deceived 10 individuals who suffered losses amounting to RM1,738,292 between July 2017 and May 2019. The monies were deposited by the investors into Charles’ banking accounts upon his representation in relation to purported investment schemes involving the subscription of securities, when in fact such schemes did not exist. |
Charles Chua was charged in the Kuala Lumpur and Melaka Sessions Courts with a total of 17 charges under section 179(b) of the CMSA. On 16 June 2022, he faced 4 charges in 2 separate courts at the Kuala Lumpur Sessions Court. On 24 June 2022, he faced a further 13 charges in 2 separate courts in the Melaka Sessions Court. The charges at the Melaka Sessions Courts were subsequently transferred to the Kuala Lumpur Sessions Court on 18 August 2022. Following Charles Chua’s guilty plea, the Sessions Court convicted him and sentenced him to three years imprisonment and a fine of RM1 million (in default of the fine, to be imposed with 12 months imprisonment). The Court ordered for the imprisonment term to run from Charles Chua’s date of arrest, which was on 15 June 2022. |
| 12. | Market manipulation |
Low Thiam Hock |
Low, former Executive Chairman of Repco Holdings Berhad (“Repco”), was charged for manipulating the price of Repco shares under section 84(1) of the Securities Industry Act (‘SIA’) 1983 |
On 11 January 2016, after a full trial, the Sessions Court convicted Low of market manipulation under section 84(1) of the Securities Industry Act 1983. On 29 February 2016, Low was sentenced to 5 years imprisonment and a fine of RM5 million (in default 5 years imprisonment). Low filed an appeal to the High Court against his conviction and sentence. On 17 February 2023, the High Court dismissed Low’s appeal against conviction and affirmed the finding of guilt by the Sessions Court. The High Court however allowed Low’s appeal against sentence in part, whereby the court reduced the sentence of imprisonment from five years to one year but maintained the fine of RM5 million handed down by the Sessions Court in 2016. Following the judgment, the High Court further granted a stay of execution of the sentence of both the imprisonment term and fine pending the disposal of Low’s appeal to the Court of Appeal. The Prosecution has also filed an appeal to the Court of Appeal against the High Court's decision in reducing the imprisonment term. Background Low was charged on 18 September 1999. At the end of the Prosecution’s case during which 25 witnesses were called, the Sessions Court acquitted Low on the basis that the charge was not proven. The Securities Commission (“SC”) then appealed to the High Court which affirmed the Sessions Court’s decision. On further appeal by the SC, the Court of Appeal on 28 February 2013 overturned the decision of the High Court and ordered Low to enter his defence on the charge against him, and remitted the case to the Sessions Court for the defence case to be heard. The defence case commenced on 18 October 2013. |
| No. | Nature of Offence | Offender(s) | Brief Facts of Case | Outcome |
|---|---|---|---|---|
| Criminal Prosecution Initiated – Person(s) Charged | ||||
| 1. | Money Laundering | Muhamad Fadzli Bin Jamaludin (‘Fadzli’) | Fadzli was charged with 9 counts of money laundering under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing And Proceeds Of Unlawful Activities Act 2001 (‘AMLATFPUAA’) for receiving proceeds of unlawful activity between August 2018 and April 2020. The unlawful activity was in relation to unlicensed fund management activities by Fadzli. |
Fadzli was charged on 29 November 2023 at the Kuala Lumpur Sessions Court. Fadzli was previously charged on 9 November 2023 for the predicate offence under section 58(1) of the Capital Markets and Services Act 2007 (‘CMSA’). |
| 2. | Holding out as carrying on a business in a regulated activity, namely fund management, without holding a Capital Markets Services Licence (CMSL) | Muhamad Fadzli Bin Jamaludin (‘Fadzli’) | Fadzli was charged with 3 counts under section 58(1) of the Capital Markets and Services Act 2007 (‘CMSA’) by holding himself out as carrying on a business in the regulated activity of fund management without holding a CMSL. The alleged offences took place between November 2018 and April 2020 in Kuala Lumpur and Melaka. | Fadzli was charged on 9 November 2023 at the Kuala Lumpur Sessions Court. |
