The charges were in relation to AUF MBZ’s conduct of carrying on a business of dealing in securities without a Capital Markets Services Licence issued by the SC.

Mahadi, who is also a partner of AUF MBZ, is deemed to have committed the offence which occurred between 14 June 2021 to 9 August 2023 (the first charge) and between 3 September 2021 to 15 February 2024 (the second charge) in Selangor under section 367(1) of the CMSA.

Mahadi claimed trial to both charges, which were read out in two separate courts. For the first charge, Sessions Court judge Tuan Azrul bin Darus granted Mahadi bail of RM50,000 with one local surety. He was also ordered to surrender his passport and to report to the SC’s Investigating Officer monthly, until the completion of the trial as additional bail conditions.

For the second charge, Sessions Court judge Puan Norma binti Ismail granted Mahadi bail of RM50,000, also with one local surety. The court also imposed similar additional bail conditions as the earlier court.

Separately, Tan Sri Datuk Dr. Mohd Daud bin Bakar (Tan Sri Daud), former director of unlisted public company Energy Eco Berhad (EEB), was charged with one charge of abetment under section 58(1) read together with section 370(c) of the CMSA.

The charge was in relation to EEB’s act of abetting AUF MBZ in the commission of the offence with regards to the first charge. Tan Sri Daud, who was a representative of EEB at the material time, is deemed to have committed the offence under section 367(1) of the CMSA.

Tan Sri Daud claimed trial before Sessions Court judge Puan Norma binti Ismail and was granted bail of RM50,000 with one local surety. He was also ordered to surrender his passport and to report to the SC’s Investigating Officer monthly.

Apart from this, also before Sessions Court judge Puan Norma binti Ismail, Dato’ Muhamad Iqbal bin Mohamad (Iqbal), director of another unlisted public company Qew Group Berhad (Qew) faced an abetment charge under section 58(1) read together with section 370(c) of the CMSA.

The charge concerned Qew’s act of abetting AUF MBZ in the commission of the offence pertaining to the second charge. Iqbal is deemed to have committed the offence under section 367(1) of the CMSA as he was a director of Qew at the material time.

Iqbal was granted bail of RM50,000 with one local surety. The court also imposed on him similar additional bail conditions as Tan Sri Daud.

If convicted, all three Accused persons may be imposed with a fine not exceeding RM10 million or imprisonment for a term not exceeding 10 years, or both.

The SC reminds investors to exercise caution before parting with their monies and when considering investment opportunities. The SC’s Investor Alert List is constantly updated to guide the public to identify unauthorised/unlicensed platforms, companies or individuals. AUF MBZ and Mahadi had previously been placed on the SC’s Investor Alert List on 26 February 2024.

Further queries can be made to the SC’s Consumer and Investor Office at 03-6204 8999 or e-mail: [email protected].