PETALING JAYA: The Court of Appeal has dismissed appeals by Wong Shee Kai, better known as Ricky Wong, and two others against an injunction freezing assets and properties worth up to RM169.2 million in a Securities Commission Malaysia (SC) civil suit involving alleged securities fraud.
The SC in a statement said the appellate court today dismissed appeals by Wong, Teh Sew Wan and Wong SK Holdings Sdn Bhd against the High Court’s decision to grant an inter partes injunction.
The injunction, granted on April 28, 2022, freezes the appellants’ assets and properties worth up to RM169.2 million pending the determination of the SC’s civil suit.
It also prohibits any person from knowingly assisting or permitting dealings with the appellants’ assets and properties.
The SC filed the suit in 2020 in relation to alleged securities fraud contraventions under Section 179 of the Capital Markets and Services Act 2007 involving Bright Packaging Industry Bhd.
The trial is ongoing at the Kuala Lumpur High Court and is scheduled to continue on Sept 1.
The Court of Appeal also dismissed the appellants’ bid to set aside an earlier ex parte injunction granted by the High Court on May 8, 2020.
The appellants were further ordered to pay RM200,000 in costs to the SC.
The SC said Wong remains at large and is also wanted for criminal charges under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 and the CMSA.
The regulator has urged members of the public with information on Wong’s whereabouts to contact the SC.
