KUALA LUMPUR: A former CEO of an investment company was charged again in the Sessions Court here, this time on two counts of transferring RM116mil to a company conducting capital market activities without a licence.
Syaiful Riezal Ahmad, 51, pleaded not guilty to both charges before Judge Datin Sabariah Othman on Monday (Feb 26).
Syaiful Riezal, as then CEO of Infinity Trustee Berhad, is alleged to have transferred a total of RM116,292,904.15 from the company's Affin Bank and Alliance Bank Berhad current accounts to Pixelvest Sdn Bhd's CIMB current account.
This was to further Pixelvest's activity of conducting a fund management business although Pixelvest did not hold a Capital Markets Services Licence and was not registered.
He allegedly committed the offences at Affin Bank Berhad PJ State Branch in Petaling Jaya between Dec 1, 2020 and July 28, 2022 and Alliance Bank Malaysia Berhad SS2 Branch in Petaling Jaya between Aug 12, 2022 and Oct 11, 2022.
He was charged under Subsection 58(1) of the Capital Markets and Services Act 2007 (Act 671), read together with paragraph 370(b) and Subsection 367(1) of the same Act, and is liable to be fined a maximum of RM10mil or jailed for up to 10 years, or both, on conviction.
In the same court, Pixelvest's former director Ang Jen Chuen, 33, also 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 according to the same subsection.
The court allowed Syaiful Riezal bail of RM100,000 and Ang bail of RM10,000 in one surety each and set March 26 for mention for both cases.
The prosecution was conducted by Securities Commission (SC) deputy public prosecutor Muhammad Izzat Fauzan while Syaiful Riezal was represented by lawyer Md Yunos Shariff and Ang was unrepresented.
On Jan 10 this year, Syaiful Riezal was charged in the Sessions Court here on three counts of receiving proceeds of more than RM2mil from unlawful activities and Ang with eight charges of receiving proceeds of unlawful activities involving more than RM116mil.
In another Sessions Court, another former director of Pixelvest, Chin Wai Lan, 50, pleaded not guilty to a charge of conducting business in a regulated activity, namely fund management, although the company did not hold a Capital Markets Services Licence and was not registered.
She allegedly committed the offence at Emporis SOHO, Taman Sains Selangor in Petaling Jaya between July 15, 2022 and Aug 31, 2022 under the same subsection.
Muhammad Izzat offered bailed at 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, while her lawyer Datuk 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 this year, Chin was charged in two Sessions Court here on 17 counts of receiving proceeds of more than RM160mil from unlawful activities.- Bernama
