Former Company Director Jailed for Unlicensed Fund Management Activities

Kuala Lumpur, 14 November 2022

The Johor Bahru Sessions Court today convicted Uzir bin Abd Samad, a former director of UAS Bistari Management Sdn Bhd, with three offences relating to unlicensed fund management activities and wrongfully holding himself out as a licensed person.

Uzir, 50, pleaded guilty today to one charge under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) for misrepresenting himself as a fund manager licensed by the Securities Commission Malaysia (SC) to investors.

He also pleaded guilty to two other charges under section 362(3) of the CMSA for wrongfully using the titles and holding himself out as a “Fund Manager” and “Securities Commission Capital Market Services Representative’s Licence (CMSRL) holder” in documents to investors.

Johor Bahru Sessions Court judge Fatimah Zahari sentenced Uzir to a one-year imprisonment for each of the three charges and ordered that the sentences be served concurrently. He will start serving the jail term with effect from today as he was previously on bail whilst the trial was ongoing.

A person who is convicted under section 58(1) of the CMSA is liable to a fine not exceeding RM10 million or imprisonment not exceeding 10 years or both. As for section 362(3) of the CMSA, a person who is convicted under the section is liable to a fine not exceeding RM1 million or imprisonment not exceeding five years or both.

Uzir was first charged on 24 March 2021 after he was arrested at his home in Selangor. Prior to that, he was at large and listed by the SC as a wanted person since 2016 following the issuance of a warrant of arrest against him by the court.

The trial against Uzir proceeded in the Johor Bahru Sessions Court in June and September this year. Six witnesses including five victims, who suffered total losses of RM5.17 million, had testified in court.

Fund management is a regulated activity and any person carrying on or holding himself out as carrying on fund management business requires a licence from the SC under the CMSA. The SC advises investors to exercise vigilance and skepticism in evaluating and deciding on investment opportunities and actions.

Investors should only deal with individuals and entities licensed by the SC to provide a regulated activity such as fund management. They should also check the SC’s Investor Alert List, which is constantly updated to warn investors of suspicious companies or individuals that may be carrying out unlicensed regulated activities or scams.


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