Former Director of Aiwanna Manage Asset convicted for securities fraud
1 July 2009   |   Kuala Lumpur
The Kuala Lumpur Sessions Court has convicted Wahid Ali Bin Kassim Ali for securities fraud and sentenced him to a one-year imprisonment and a fine of RM3 million (in default three years imprisonment).

The 49-year-old former director and fund manager of Aiwanna Manage Asset Sdn Bhd was charged on 19 October 2005 with three separate charges under Section 87A(c) of the Securities Industry Act 1983 for omitting to provide material facts to its client, Eastern Pacific Industrial Corporation Berhad (“EPIC”) in the statement of account.

EPIC had, between the period of 31 December 2001 and 11 March 2002, received three monthly statements of account from Aiwanna, signed by Wahid Ali, stating that their investment was placed in a bond fund, when in fact RM5 million of EPIC’s monies was invested in foreign exchange instruments. Contrary to the statements made, the RM5 million belonging to EPIC was already dissipated and no longer managed by Aiwanna.

Sessions Court Judge Puan Rosenani Abdul Rahman, in her decision yesterday, found Wahid Ali guilty on all three charges. Twenty one witnesses testified throughout the trial.
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(From left to right):
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