KUALA LUMPUR: A former CEO of an investment company was charged again in the sessions court here today, this time on two counts of transferring RM116 million to a company conducting capital market activities without a licence.
Syaiful Riezal Ahmad, 51, pleaded not guilty to both charges before judge Sabariah Othman.
Syaiful, as then CEO of Infinity Trustee Bhd, is alleged to have transferred RM116,292,904.15 from the company’s Affin Bank and Alliance Bank current accounts to Pixelvest Sdn Bhd’s CIMB current account.
This was allegedly to further Pixelvest’s activity of conducting a fund management business, although it did not hold a capital markets services licence and was not registered.
He is said to have committed the offences at Affin Bank’s Petaling Jaya branch between Dec 1, 2020 and July 28, 2022, and Alliance Bank’s SS2 branch between Aug 12, 2022 and Oct 11, 2022.
He was charged under Section 58(1) of the Capital Markets and Services Act 2007 (Act 671), read with paragraph 370(b) and Section 367(1) of the same Act, and may be fined a maximum of RM10 million or jailed for up to 10 years, or both, on conviction.
In the same court, former Pixelvest director Ang Jen Chuen, 33, claimed trial to a charge of carrying on business in a regulated activity although the company did not hold a capital markets services licence and was not registered.
Ang allegedly committed the offence at Emporis Soho, Taman Sains Selangor in Petaling Jaya between Dec 15, 2020 and July 15, 2022.
The court allowed Syaiful bail of RM100,000 and Ang bail of RM10,000 in one surety each and set March 26 for mention of both cases.
The prosecution was conducted by Securities Commission (SC) deputy public prosecutor Izzat Fauzan. Syaiful was represented by lawyer Yunos Shariff, and Ang was unrepresented.
On Jan 10 this year, Syaiful was charged in the sessions court here on three counts of receiving proceeds of more than RM2 million from unlawful activities, and Ang with eight charges of receiving proceeds of unlawful activities involving more than RM116 million.
In a separate sessions court, another former Pixelvest director, Chin Wai Lan, 50, claimed trial to a charge of conducting fund management though the company was not licensed and registered.
She allegedly committed the offence at Emporis Soho, Taman Sains Selangor in Petaling Jaya between July 15, 2022 and Aug 31, 2022.
Izzat offered bail of RM250,000 in one surety, with an additional condition that Chin surrender her passport to the court and report to the SC office once a month. Her lawyer, Tan Hock Chuan, asked the court to use the bail previously imposed on his client.
Judge Azrul Darus rejected Tan’s application and set bail at RM10,000 in one surety for Chin and granted the additional condition sought by the prosecution.
On Jan 11, Chin was charged in two sessions courts here with 17 counts of receiving proceeds of unlawful activities involving more than RM160 million. - FMT
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