Securities Commission Malaysia building at Kuala Lumpur.
PETALING JAYA: The Securities Commission (SC) has charged Ang Jen Chuen and Syaiful Riezal Ahmad with 11 offences of money laundering worth more than RM119mil.
In a statement, the SC said the two were charged with receiving proceeds of unlawful activity under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities 2001.
Ang, who is former director of Pixelvest Sdn Bhd faces eight charges while Syaiful Reizal who is the former chief executive officer of Infinity Trustee Bhd and faces three charges.
The alleged offences took place between Dec 1, 2020 and Jan 1, 2023 in Kuala Lumpur and Selangor.
The SC noted that if convicted, both will be liable to imprisonment for up to 15 years as well as a fine of not less than five times the sum or value of the proceeds of the unlawful activities at the time the offence was committed, or RM5mil, whichever is higher.
“They were also ordered to surrender their passports to the court and to report to the SC on a monthly basis until the completion of the trial,” it said.
Sessions Court Judge Azrul Darus granted bail at RM8.01mil with two sureties to Ang and RM100,000 with one surety to Syaiful Reizal.
