Page 60 - SC SCAR 2023 ENGLISH Flipbook
P. 60

                                PART 2 REGULATORY PERFORMANCE AND OUTCOMES
 Read more on media release ‘Court of Appeal Upholds Conviction and Jail Term of Asia Media Group’s Former Accountant’. court-of-appeal-upholds-conviction-and-jail-term-of- asia-media-groups-former-accountant
Carrying on fund management activities without licence
Muhamad Fadzli Jamaludin
On 9 November 2023, Muhamad Fadzli Jamaludin (Fadzli) was charged with a total of three counts under section 58(1) of the CMSA by holding himself out as carrying on a business in the regulated activity of fund management without holding a CMSL. The alleged offences took place between November 2018 and April 2020 in Kuala Lumpur and Melaka.
Read more on media release ‘SC Charges Former Company Director for Unlicensed Capital Market Activities’ sc-charges-former-company-director-for-unlicensed- capital-market-activities
Subsequently on 29 November 2023, Fadzli was charged with a total of nine counts of money laundering under section 4(1)(b) of the AMLATFPUAA for receiving proceeds of unlawful activity involving over RM1.23 million between August 2018 and April 2020.
The unlawful activity was in relation to unlicensed fund management activities by Fadzli.
Read more on media release ‘SC Charges Former Company Director for Money Laundering Offences Involving Over RM1.23 million’ sc-charges-former-company-director-for-money- laundering-offences-involving-over-rm123-million
Removal of ACE Holdings Bhd as a Controller of Apex Securities Bhd
On 23 November 2023, the SC concluded its civil action against Apex Securities Bhd (Apex Securities) and Apex Equity Holdings Bhd (Apex Equity) at the High Court of Malaya at Kuala Lumpur through a consent judgment entered between the parties. A salient term of the consent judgment is that no person who has any prior relationship, interaction and/or connection with ACE Holdings Bhd (ACE) or any related companies with ACE may be appointed to the Board of Directors of Apex Equity.
The SC had initiated the civil action to remove ACE as a controller (within the meaning of Section 60(7)(b) and/ or (c) of the CMSA) of Apex Securities, a CMSL holder. Apex Equity is the parent company of Apex Securities. The SC was of the view that ACE is not a fit and proper person to be a controller of Apex Securities as ACE was subjected to administrative sanctions by the SC on 11 December 2018, for issuing Information Memorandums that contained false or misleading information.
In the course of the civil action, ACE had divested its entire shareholdings in Apex Equity and key individuals who the SC contended were nominees linked to ACE, had ceased to remain as Apex Equity’s Board of Directors.
The SC’s enforcement actions demonstrate the SC’s commitment to ensure strict compliance of the fit and properness of a controller of a CMSL holder.

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