SC and Public Prosecutor Successfully Defend Freezing Order
14 January 2020   |   Kuala Lumpur
The Securities Commission Malaysia (SC) and the Public Prosecutor (PP) successfully secured an order to freeze the bank accounts of a director of a company over an ongoing investigation.

The Shah Alam High Court yesterday allowed the SC to strike out a suit filed by Teh Sew Wan on 24 August 2019. Teh filed the suit following the freezing and seizure of her bank accounts, initiated by the SC and the PP in accordance to section 44 and 50 of the Freezing and Seizure Orders under Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA).

Teh claimed that the orders under AMLATFPUAA are bad in law and her constitutional rights were infringed.

At the hearing held at the Shah Alam High Court yesterday, the SC and the PP argued that the suit filed by Teh was pre-mature and an abuse of court process as the investigation against Teh is still ongoing.

In delivering the High Court’s decision, Justice Dato' Che Mohd. Ruzima agreed with the SC and ordered for the suit to be struck out.
SECURITIES COMMISSION MALAYSIA 
SC-World Bank-IOSCO Asia Pacific Hub Conference 2019: Enhancing Financial Inclusion through Islamic Finance and FinTech
(From left to right):
  1. Abayomi A. Alawode, Head of Islamic Finance, Finance, Competitiveness and Innovation, The World Bank Group
  2. Datuk Syed Zaid Albar, Chairman of the Securities Commission Malaysia (SC)
  3. Dr. Firas Raad, Country Manager for Malaysia, East Asia and Pacific, The World Bank Group 
  4. Datuk Zainal Izlan Zainal Abidin, Deputy Chief Executive of SC
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