SC charges three individuals for alleged unlicensed capital market activities

SC charges three individuals for alleged unlicensed capital market activities

KUALA LUMPUR (Feb 26): The Securities Commission Malaysia (SC) on Monday charged three individuals in the Sessions Court with four offences relating to unlicensed capital market activities.

Sophia Chin Wai Lan and Dexter Ang were each charged for one offence under Section 58(1) read together with Section 367(1) of the Capital Markets and Services Act 2007 (CMSA), said the SC.

“They were each charged for Pixelvest Sdn Bhd’s act of carrying on a business in fund management without a licence in their respective capacities as director and former director of Pixelvest,” it said in a statement.

Another individual, Syaiful Riezal Ahmad, was charged separately for allegedly committing two offences under Section 58(1) read together with Sections 370(b) and 367(1) of the CMSA in his capacity as former chief executive officer of Infinity Trustee Bhd.

The SC said the charges are related to Infinity Trustee’s act of transferring funds amounting to RM116.29 million through two accounts to Pixelvest in furtherance of the offence committed by Pixelvest.

If convicted, they each face a maximum fine of RM10 million or imprisonment for a term not exceeding 10 years, or both.

All three claimed trial to the charges. Ang and Chin were granted bail at RM10,000 by the court, while Syaifu was granted bail at RM100,000.

“The three individuals were previously charged by the SC on Jan 10 and 11, 2024 with charges of receiving proceeds of unlawful activity under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001,” the SC added.

Ex-CEO charged with transferring RM116 mil to unlicensed fund management company