Securities Commission to freeze RM170 mil assets of Asia Media founder | MARKETING Magazine Asia

Securities Commission to freeze RM170 mil assets of Asia Media founder


The Securities Commission says the order stems from its suit against the defendants in relation to securities fraud offences involving Bright Packaging Industry Berhad// Photo source: FMT

The following article was written by Free Malaysia Today (FMT) reporters.

KUALA LUMPUR: The High Court here has allowed the Securities Commission Malaysia (SC) an interim order to freeze about RM170 million assets of businessman Wong Shee Kai, who is currently still at-large, and two others for a statutory offence.

SC, in a statement today, said the order stems from the SC’s suit against the defendants in relation to securities fraud offences involving Bright Packaging Industry Berhad, under Section 179 of the Capital Markets and Services Act (CMSA).

The ex-parte order prohibits Wong, also known as Ricky Wong, his mother Teh Sew Wan, and a company owned by them, Wong SK Holdings Sdn Bhd, from dealing with assets and properties to the tune of RM169,223,500.

Wong, who holds a Datuk title, is said to be the CEO and founder of Asia Media, the largest transit-TV network in the country.

Businessman Wong Shee Kai.

Judicial Commissioner Anand Ponnudurai also ordered that the three defendants must disclose a full, complete and accurate account of their assets within and outside Malaysia.

The order will bind all the defendants and also prohibit any person from knowingly assisting or permitting any dealings with the defendants’ assets and properties.

Lawyer Lim Chee Wee, who represented SC , also said the order also disallowed banks from exercising their right to set-off any facility they may have given to the defendants.

He said the SC filed the suit on Tuesday and obtained the ex-parte order on Friday.

The court further held that service of this order on all defendants is deemed valid as if it has been advertised in an English newspaper during the ongoing movement control order period.

Last month, the SC also sought public assistance to track down Wong, who is wanted in connection with offences under anti-money laundering laws.

The call was made after the SC had obtained a warrant of arrest, issued against Wong, from a magistrate in late December for failure to appear before the SC’s investigating officer.

Source: https://www.freemalaysiatoday.com/category/nation/2020/05/10/securities-commission-to-freeze-rm170-mil-assets-of-asia-media-founder/