Court confirms convictions and jail sentences for securities fraud
27 May 2016|   Kuala Lumpur
The Kuala Lumpur High Court today confirmed the conviction and one-year jail term of former director and fund manager Wahid Ali bin Kassim Ali, for securities fraud committed between 2001 and 2002.

Wahid Ali, formerly from Aiwanna Asset Management Sdn Bhd, was convicted by the Kuala Lumpur Sessions Court for three charges in June 2009, for omitting to provide material facts in the statements of account to its client, Eastern Pacific Industrial Corporation Bhd (EPIC). He was sentenced to one year jail term and fined RM1 million for each charge.

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 had already been dissipated at the material time and was no longer managed by Aiwanna.

The High Court had in 2013 dismissed Wahid Ali’s appeal. However in 2015, the Court of Appeal had remitted the case to the High Court for a re-hearing of the appeal. Today, Judicial Commissioner Dato’ Nordin Hassan, confirmed the said conviction and sentence.

The charges were preferred under Section 87A(c) of the Securities Industry Act 1983.


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