Islamic finance mogul Daud Bakar was charged at the Kuala Lumpur Sessions Court this morning with abetting a company to do unlicensed securities dealings between 2021 and 2023.
Daud (above) was charged in his capacity as Energy Eco Berhad’s representative, where his involvement was alleged to have allowed AUF MBZ Consortium PLT to do the dealings without a capital market services license (CMSL) between June 14, 2021, and Aug 9, 2023.
The former Bank Negara’s syariah advisory council chairperson was charged under Section 58(1) of the Capital Markets and Services Act 2007, which carries a maximum of 10 years’ jail or a maximum of RM10 million fine, or both.
Section 58(1) prohibits any person from doing securities dealings or fund management in a regulated activity or holding themselves out as doing so without a CMSL licence.
Daud pleaded not guilty to the charge before judge Norma Ismail.
Subsequently, the judge ordered RM50,000 bail for the accused, as well as additional conditions to surrender his passport to the court and report to the Securities Commission’s office once a month.
Two more charged
In the same courtroom, two businesspersons Mahadi Badrul Zaman and Iqbal Mohamad were charged with similar charges.
Iqbal’s involvement as the QEW Group Berhad’s director was alleged to have abetted AUF MBZ in similar dealings between Sept 3, 2021, and Feb 15, 2024.
Norma also set Iqbal’s bail at RM50,000 and additional conditions similar to Daud’s.
As for Mahadi, he was charged in his capacity as the AUF MBZ’s representative before two separate Sessions Court judges, Norma and Azrul Darus.
He was accused of committing securities dealings without CMSL between June 14, 2021, and Aug 9, 2023. He pleaded not guilty to the charge before Norma.
Later, Mahadi also claimed trial before Azrul, where he was alleged to have committed the offence between Sept 3, 2021, and Feb 15, 2024.
He was ordered to pay a total of RM100,000 bail, surrender his passport to the court, and report to the Securities Commission’s office once a month.
Concern over beard
Earlier, Mahadi’s lawyer Zamri Idrus told the court that his client would be badly impacted if he could not pay the bail amount and was sent to jail.
“He will be affected if he is sent to jail. Commonly, prison authorities will shave detainees’ heads off. However, in his case, his beard will be shaved off, and that will impact him,” Zamri submitted, in pleading for Norma to consider bail between RM10,000 and RM50,000.
Securities Commission’s prosecutors Mageswary Karroppiah, Danial Imran Nasaruddin, Shoba Venu Gobal, and Quek Yiing Huey led today’s prosecution.
Lawyers Haziq Razali appeared for Daud, while Dhiya Syazwani Izyan Akhir represented Iqbal.
Their case mention has been fixed for April 10. - Mkini
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