Pixelvest Sdn Bhd (Pixelvest) was charged today with one count under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) for carrying on a fund management business without a licence. Pixelvest, represented by its director Ang Jen Chuen (Dexter Ang), claimed trial to the charge before Sessions Court judge Puan Norina binti Zainol Abidin.

This follows the charges filed by the SC against Infinity Trustee Berhad (ITB) on 30 April 2024, with two counts under section 58(1) read together with section 370(b) of the CMSA.The offence is in relation to ITB transferring funds amounting to RM116,292,904.15 to Pixelvest through two accounts in furtherance of the offence committed by Pixelvest.

ITB company representative, Tan Boon Hoong, had claimed trial to both charges before Sessions Court judge Datin Fadzlin Suraya Mohd Suah.

Separately, former ITB director Chin Wai Lan (Sophia Chin) was also charged today with one count under section 58(1) read together with sections 370(b) and 367(1) of the CMSA.

The charge against Sophia Chin is in relation to ITB’s act of transferring funds amounting to RM859,750.00 from ITB’s account to Pixelvest in furtherance of Pixelvest’s offence under section 58(1) of the CMSA. Sophia Chin was deemed to have committed the offence by virtue of her position as director of ITB at the material time.

Sophia Chin claimed trial to the charge before Sessions Court judge Tuan Azrul Darus. No bail sum was imposed by the judge in view of Sophia Chin’s existing bail conditions in her other ongoing case before the Court.

The offences committed by Pixelvest and Sophia Chin took place in Petaling Jaya, Selangor between December 2020 and October 2022.

Fund management is a regulated activity that requires a licence by the SC under Schedule 2 of the CMSA. Any person carrying on this activity without a licence commits an offence under the CMSA which is punishable with a maximum fine of RM10 million or imprisonment for a term not exceeding 10 years, or both.

The charges follow the SC’s charging of Sophia Chin, Dexter Ang and Syaiful Riezal Ahmad, ITB’s former Chief Executive Officer for related offences under section 58(1) of the CMSA and section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA).

The SC views unlicensed activities seriously and remains committed in investor protection by continuous enforcement actions against those who contravene the law. When evaluating investment offers, investors are advised by the SC to exercise caution.

The public is encouraged to use the SC Investment Checker, a one-stop portal available on the SC’s website, to verify if an individual and/or entity is authorised by the SC to offer, promote, or sell any capital market products and services in Malaysia.