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HomeOther CountriesMalaysiaFive in court over RM120mil fraud | Free Malaysia Today - Free...

Five in court over RM120mil fraud | Free Malaysia Today – Free Malaysia Today

PETALING JAYA: The Securities Commission (SC) has taken five individuals to court over allegations of fraud and wrongful losses amounting to RM120.6 million in four public-listed companies.
In a statement issued to the media today, the SC named the five as Tey Por Yee, Lim Chye Guan, See Poh Yee, Francis Tan and Faizatul Ikmi Abdul Razak.
The four companies involved are Nexgram Holdings Bhd, R&A Telecommunication Group Bhd, Asdion Bhd and Ire-Tex Corporation Bhd. The five individuals are directors or officers of these companies.
A civil suit was filed against the five at the Kuala Lumpur High Court on Nov 29 and the five were supposed to make their first appearance in court today.
However, the hearing has been postponed to Jan 9, 2023 when none of them showed up in court.
Tey, Lim, See and Tan are alleged to have siphoned out proceeds of fundraising exercises for the four companies, while Faizatul Ikmi is alleged to have abetted in or furthered the process.
The five are said to have committed the offences between December 2013 and July 2014 in contravention of the Capital Markets and Services Act 2007.
Among other things, the SC is seeking the return of all proceeds from the unlawful activity and a RM1 million fine for each offender.
The SC also wants them to be barred from holding positions as directors of any public-listed companies and from trading on any stock exchange or derivative exchange for 10 years.
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