Causing wrongful loss to a listed corporation

[section 317A(1) of the CMSA]

Yong Man Chai (“Yong”)

Yong, formerly Chief Financial Officer of AT Systematization Berhad (“ATS”) (now known as Erdasan Group Berhad) was charged with 20 charges of causing wrongful loss to ATS. He is alleged to have caused ATS to transfer payments totalling RM7.821 million to Delta Million Dynamic Sdn Bhd, Midas Mode Sdn Bhd, LMC Multi Trading, Midland Sands Sdn. Bhd. and Silver Metal Sdn. Bhd. with the intention of causing wrongful loss to ATS.

The offences occurred between July 2020 and October 2021.

Yong was charged in the Kuala Lumpur Sessions Court on 12 November 2025.

Causing wrongful loss to a listed corporation

[section 317A(1) of the CMSA]

Choong Lee Aun (Choong)

Choong, formerly Managing Director of AT Systematization Berhad (“ATS”) (now known as Erdasan Group Berhad) was charged with 41 charges of causing wrongful loss to ATS. He is alleged to have caused ATS to transfer payments totalling RM16.35 million to Delta Million Dynamic Sdn Bhd and Midas Mode Sdn Bhd with the intention of causing wrongful loss to ATS.
The offences occurred between June 2020 and November 2021.

Choong was charged in the Kuala Lumpur Sessions Court on 8 October 2025.

Amran was charged with 2 counts of securities fraud under section 179(b) of the Capital Markets and Services Act 2007 (CMSA) for defrauding two investors of RM195,000 by representing to them of a unit trust investment in Kenanga Investors Berhad (KIB). The monies deposited by the investors were instead utilised for Amran's own unit trust investments in KIB.

Separately, Amran was charged with two additional charges under section 179(b) of the CMSA read together with section 34 of the Penal Code for defrauding two other investors in the amount of RM20,000 with his former spouse, Nadihah binti Nawi (Nadihah). The monies deposited by the investors were instead utilised for Nadihah's own unit trust investments in KIB. Nadihah was previously charged by the SC on 30 July 2025.

Nadihah was jointly charged with another individual who is currently at large with 2 counts of securities fraud under section 179(b) of the Capital Markets and Services Act 2007 (CMSA), read together with section 34 of the Penal Code.

She is alleged to have defrauded two investors in the amount of RM20,000 by representing to them about a purported unit trust investment in Kenanga Investors Berhad (KIB). The monies deposited by the investors were instead utilised for Nadihah’s own unit trust investments in KIB.

The offences took place between January and June 2022 in Kuala Lumpur.

Nadihah was charged in the Kuala Lumpur Sessions Court on 30 July 2025.

Liew was charged with 1 count of causing the furnishing of a false statement relating to the revenue of London Biscuits Berhad to Bursa Malaysia Securities Berhad. The charge which was preferred under section 369(b)(B) of the Capital Markets and Services Act 2007 (CMSA) was in relation to London Biscuits Berhad’s unaudited Interim Financial Statements Third Quarter Results for the Financial Period ended 30 June 2019.

Liew, who at the time of the commission of the offence was a director of London Biscuits Berhad, is deemed to have committed an offence under section 369(b)(B) read together with section 367(1) of the CMSA, and punishable under section 369 of the same Act.

The alleged offence occurred on 30 August 2019.

Liew was charged in the Kuala Lumpur Sessions Court on 16 May 2025.

Falsification of records

Liew was charged with 12 counts of falsification of records under section 368(1)(a) of the Capital Markets and Services Act 2007 (CMSA) and punishable under section 368(2) of the same Act.

He is alleged to have instructed the creation of false transactions concerning company sales amounting to RM2,354,430 in the accounting records of London Biscuits Berhad, a listed corporation.

The alleged offences occurred between 5 October 2018 and 6 March 2019.

Razrul was charged with 8 counts of securities fraud under section 179(b) of the Capital Markets and Services Act 2007.

He is alleged to have, indirectly in connection with the purchase of securities, engaged in an act which operated as a fraud upon 5 individuals by falsely representing to the said individuals that he would invest their monies in an investment scheme known as “Amal Trust” which purportedly invested in Shariah-compliant bonds, when in fact their monies were not used for such purpose.

The alleged offence occurred between April 2019 and April 2021.

Razrul was charged with 1 count under section 58(1) of the Capital Markets and Services Act 2007 for holding himself out as carrying on a business in the regulated activity of dealing in securities without holding a CMSL or being a registered person for dealing in securities.

The alleged offence occurred between April 2019 to April 2021.

Razrul was charged with 1 count under section 362(3) of the Capital Markets and Services Act 2007 for allegedly using descriptions on the website of the fictitious.

Amal Trust investment scheme that the scheme complied with securities laws, which created the belief that Razrul was licensed to carry on a business in relation to the regulated activity of dealing in securities when in fact he was not licensed.

The alleged offence occurred between April 2019 to April 2021.

Lau, formerly Head of Dealing at CIMB Investment Bank, Melaka, was charged with 3 counts of securities fraud under section 179(b) of the Capital Markets and Services Act 2007.

He is alleged to have defrauded 3 investors who suffered losses amounting to RM808,000 between February 2013 and April 2014.

Lau allegedly represented to the investors that their monies would be invested in a bond investment which in fact was fictitious. The monies deposited by the investors were instead used by Lau to purchase securities in share trading accounts belonging to other individuals not connected to the investors.

Lau was charged with 3 counts of money laundering under section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 for engaging indirectly in a transaction involving proceeds of unlawful activities.

The alleged offences occurred between February 2013 and April 2014.

Azhidi was charged in the Kuala Lumpur Sessions Court on 14 February 2022.

On 7 August 2025, Azhidi pleaded guilty to the charge and was sentenced to 2 years imprisonment. The court ordered Azhidi’s imprisonment to run from the date of revocation of his bail on 21 May 2024.

Derivatives Fraud

Mohd Azhidi Bin Laili (Azhidi)

Azhidi was charged with 9 counts of derivatives fraud under section 206(b) of the Capital Markets and Services Act 2007.

He is alleged to have engaged in an act which operated as a deception upon 9 investors who suffered losses amounting to RM1.45 million.

Azhidi allegedly represented to the investors a purported investment in futures crude palm oil which in fact did not exist, and thereby caused them to deposit monies into the “Client Segregated Accounts” held by AmFutures Sdn Bhd. The monies deposited by the investors were instead used by Azhidi to purchase derivatives in accounts belonging to other individuals not connected to the investors.

The offences took place between May 2013 and March 2014.

On 7 August 2025, Azhidi pleaded guilty to all 9 charges and was sentenced to 2 years imprisonment and a fine of RM1 million in default 3 months imprisonment for each charge. The court ordered for the imprisonment terms to run concurrently, with effect from the date of revocation of Azhidi’s bail on 21 May 2024.

Failure to appear before the SC’s Investigating Officer 

Mohd Azhidi Bin Laili (Azhidi)

Money Laundering

Ang Jen Chuen (Dexter)

Dexter was charged in the Kuala Lumpur Sessions Court 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 proceeds of unlawful activity between December 2020 and January 2023.

Dexter was charged in the Kuala Lumpur Sessions Court on 10 January 2024. He claimed trial to all 8 charges.

The court granted Dexter bail at RM8.01 million with two sureties. He was also ordered to surrender his passport to court and to report to the SC on a monthly basis. Dexter remained in custody as he did not post the bail sum.

On 28 July 2025, Dexter pleaded guilty to all the 8 charges and was sentenced to 3 years imprisonment for each offence.
The court ordered for the imprisonment terms for all 8 charges to run concurrently, effective from Dexter’s date of arrest on 10 January 2024.

Dexter’s plea was made before the commencement of the trial.

Carrying on a business in a regulated activity without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Ang Jen Chuen (Dexter)

Dexter was charged with 1 count under section 58(1) of the Capital Markets and Services Act 2007 read together with section 367(1) of the same Act. As the director of Pixelvest Sdn. Bhd. at the material time, he is deemed to have committed the alleged offence of carrying on a business in a regulated activity, namely fund management, without holding a CMSL or being a registered person between 15 December 2020 and 15 July 2022.

Dexter was charged in the Kuala Lumpur Sessions Court on 26 February 2024. He claimed trial to the charge.
The court granted Dexter bail at RM10,000 with one surety. Dexter remained in custody as he did not post the bail sum.

The case was fixed for trial on 22-23 January 2026.

On 31 July 2025, Dexter pleaded guilty to the charge and was sentenced to 3 years imprisonment. The court ordered for the imprisonment term to run concurrently with the sentence for Dexter’s money laundering charges, effective from Dexter’s date of arrest on 10 January 2024.  

Carrying on a business in a regulated activity without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Pixelvest Sdn. Bhd. (Pixelvest)

Pixelvest was charged with 1 count under section 58(1) of the Capital Markets and Services Act 2007. The charge was in relation to an offence committed by Pixelvest between 15 December 2020 and 31 August 2022 for carrying on a business in fund management without holding a CMSL or being a registered person.

Pixelvest was charged in the Kuala Lumpur Sessions Court on 10 May 2024. Pixelvest, represented by Ang Jen Chuen (Dexter) claimed trial to the charge.

The case was fixed for trial on 22-23 January 2026.

On 31 July 2025, Pixelvest, represented by Dexter, pleaded guilty to the charge and was sentenced to a fine of RM3 million.

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:

• A fine of RM100,000 and 1 day imprisonment for each of the 3 charges (in default of fine, 6 months imprisonment);
• Imprisonment term for all 3 charges to run concurrently; and
• A daily fine of RM2,000 for the 979 days he had failed to appear before an Investigating Officer of the Securities Commission as required, amounting to RM1,958,000 (12 months imprisonment in default).

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:

• Conviction and sentence for the first charge is maintained;
• Conviction and sentence for the second and third charge are set aside; and
• Daily fine of RM2,000 for 979 days amounting to RM1,958,000 is set aside.

Amirruddin filed an appeal against the High Court’s decision in affirming his conviction and sentence for the first charge.
The Public Prosecutor simultaneously filed an appeal against the High Court’s decision to set aside Amirruddin’s conviction and sentence in respect of the second and third charge as well as the daily fine.
The appeals were heard before the Court of Appeal on 20 November 2024. Following parties’ respective submissions, the Court of Appeal adjourned its decision to another date.
On 5 March 2025, the Court of Appeal unanimously dismissed Amirruddin’s appeal. The Court of Appeal further allowed the Public Prosecutor’s appeal and ordered as follows :

• The conviction and sentence for the first charge is affirmed;
• The conviction and sentence for the second and third charges be reinstated; and

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)

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, 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. The appeal has since abated upon Abul’s demise on 15 November 2024.

Money Laundering

1. Havana Bayview Sdn Bhd (Company No. 1091507-M)

2. Wong Shee Kai (NRIC No. 811212-14-5957)

On 3.5.2021, the Public Prosecutor filed a Notice of Motion pursuant to Sections 56,59 and 61 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLATFPUAA”) against Havana Bayview Sdn Bhd (Company No. 1091507-M) (“the 1st Respondent”) and Wong Shee Kai (“the 2nd Respondent”) to forfeit:

1. A property identified as Hakmilik Induk/Lot Gran 704444, No. Lot 230, Seksyen 58, Bandar dan Daerah Kuala Lumpur dan Negeri Wilayah Persekutuan Kuala Lumpur, No. Parcel 62-2 Four Seasons Private Residences Kuala Lumpur, bearing the postal address of Unit No. 62-2, Four Seasons Place Kuala Lumpur, No. 145 Jalan Ampang, 50450 Kuala Lumpur, in the possession of the 1st Respondent (“Four Seasons Property”); and
2.  A sum of RM445,039.28 in a HSBC bank account belonging to the 2nd Respondent.

 The Hearing of this matter proceeded on 2.9.2024.

On 22.1.2025, the Kuala Lumpur High Court allowed the Public Prosecutor’s application and forfeited the Four Seasons Property and the sum of RM445,039.28 in the 2nd Respondent’s HSBC bank account.

Following an oral application made by the 1st Respondent and the 2nd Respondent, the Kuala Lumpur High Court granted an interim stay of its decision pending the hearing of the Respondent’s application for a stay of execution of judgment.

Holding out as carrying on a business in a regulated activity without holding a Capital Markets Services Licence (CMSL) or being a registered person.

Ruwan Amaresh Shaun Ponniah
(Ruwan).

Ruwan was charged with one (1) count under section 58(1) of the Capital Markets and Services Act 2007 (“CMSA”) for holding himself out as carrying on a business in the regulated activity of fund management without holding a CMSL or being a registered person for fund management.

The alleged offence occurred between October 2018 to June 2020.

Ruwan was charged in the Kuala Lumpur Sessions Court on 18 September 2024. On 30 June 2025, Ruwan pleaded guilty to the charge pursuant to plea-bargaining under section 172C of the Criminal Procedure Code. The Sessions Court judge convicted Ruwan following his guilty plea and sentenced him to two (2) years imprisonment. The court ordered for the jail term to run from Ruwan’s date of arrest on 18 September 2024.

Securities Fraud.

Ruwan Amaresh Shaun Ponniah
(Ruwan).

Ruwan was charged with ten (10) counts of securities fraud under section 179(b) of the Capital Markets and Services Act 2007 (“CMSA”).

He is alleged to have, indirectly in connection with the purchase of securities, engaged in an act which operated as a fraud upon 7 individuals by falsely representing to the said individuals that he would invest their monies in shares listed on the Malaysian and foreign Stock Exchanges, when in fact their monies were not used for any investment or purchase of shares.

The alleged offence occurred between October 2018 to June 2020.

Ruwan was charged in the Kuala Lumpur Sessions Court on 18 September 2024. On 30 June 2025, Ruwan pleaded guilty to one (1) charge pursuant to plea-bargaining under section 172C of the Criminal Procedure Code (“CPC”). The remaining nine (9) charges were taken into consideration in the passing of sentence by the Sessions Court in accordance with section 171A CPC. The Sessions Court judge convicted Ruwan following his guilty plea and sentenced him to two (2) years imprisonment and a fine of RM1 million, in default 6 months imprisonment. The court ordered Ruwan’s imprisonment to run from his date of arrest on 18 September 2024.