Ex-director jailed 5 years for unlicensed fund management, money laundering

 Court finds former Kyaputen Sdn Bhd director Fadzli Jamaludin guilty on three charges of unlicensed fund management, and nine on money laundering.

The Kuala Lumpur sessions court ruled that former Kyaputen Sdn Bhd director Fadzli Jamaludin failed to raise reasonable doubt in the prosecution’s case.

PETALING JAYA:

The Kuala Lumpur sessions court has sentenced a former company director to five years in prison after finding him guilty of unlicensed fund management activities and money laundering.

The Securities Commission of Malaysia said judge Hamidah Deril ruled that former Kyaputen Sdn Bhd director Fadzli Jamaludin failed to raise reasonable doubt in the prosecution’s case.

Hamidah sentenced Fadzli to five years in jail for each of his 12 charges, and ordered the sentences to run concurrently.

In a statement, the SC said 23 prosecution witnesses were called during the trial, including six victims who lost a total of RM1.26 million.

Fadzli testified under oath during the defence stage and did not call other witnesses.

He was charged on Nov 9, 2023 with three counts of carrying out a fund management business without a licence under Section 58(1) of the Capital Markets and Services Act.

The offence is punishable by a maximum RM10 million fine, up to 10 years in prison, or both, upon conviction.

On Nov 29, 2023, he was charged with nine counts of money laundering under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act, punishable by up to 15 years in prison and a minimum RM5 million fine, if convicted.

All the offences were committed between August 2018 and April 2020 in Kuala Lumpur and Melaka.

Deputy public prosecutor K Mageswary and prosecuting officers Low Wen Zhen, Jonathan Chin and M Mark Rohan prosecuted, while Fadzli was represented by B Puvarasan. - FMT