Securities Commission Malaysia
Securities Commission Malaysia
05/09/2024 | Press release | Distributed by Public on 05/09/2024 04:46
Man, who Evaded the Law for 15 Years, Charged with Abetting Former MD of Multi-Code for Securities Fraud
Man, who Evaded the Law for 15 Years, Charged with Abetting Former MD of Multi-Code for Securities Fraud
KL Sessions Court Denies Bail for Daniel Wong
MEDIA RELEASE
Kuala Lumpur, 9 May 2024
The Securities Commission Malaysia (SC) today charged Wong Jit Kiang (Daniel Wong) in the Kuala Lumpur Sessions Court with abetting the late Toh Chun Toh Gordon (Toh) in defrauding Multi-Code Electronics Industries (M) Berhad (Multi-Code) amounting to RM17.6 million in 2007.
Daniel Wong had been at-large for 15 years despite numerous efforts made to locate him and two separate warrants of arrest issued against him in 2009 and 2019.
He was arrested at the Kuala Lumpur International Airport Terminal 2 (KLIA2) on his return from Singapore yesterday with the assistance of the International Criminal Police Organisation (Interpol), Singapore Police Force's Commercial Affairs Department (CAD Singapore) and Malaysia Airports Aviation Security (AVSEC).
Daniel Wong was preferred with one charge under section 122C(c) read together with section 87A(b) of the Securities Industries Act 1983 (SIA) for abetting Toh in using RM17.5 million from Multi-Code's funds between 26 and 28 March 2007 to finance the purchase of over 11 million Multi-Code shares by Ace Prelude Sdn Bhd.
If convicted, Daniel Wong may be liable to a fine of not less than RM1 million and a jail term of not exceeding 10 years.
The late Toh, a Singaporean and former Managing Director of Multi-Code, had previously been charged by the SC for the principal offence under section 87A(b) of the SIA in 2009. Toh was also charged in the alternative for committing criminal breach of trust (CBT) under section 409 of the Penal Code.
Toh was convicted by the Sessions Court on the alternative charge after a full trial and was sentenced to 12 years imprisonment and a fine of RM1 million, in default two years imprisonment. Toh had filed an appeal to the High Court against his conviction and sentence, however he passed away before his appeal was heard by the High Court.
At the court today, Daniel Wong claimed trial to the charge. The SC opposed bail and submitted that Daniel Wong is a flight risk and had previously absconded the country even when he had ongoing criminal charges against him in a separate case by the SC.
Sessions Court judge Tuan Azrul bin Darus agreed with the SC's submission and denied Daniel Wong bail pending the trial.
The outcome today underscored the importance of international cooperation and collaboration between the SC and international law enforcement agencies in ensuring perpetrators of securities laws are brought to face the law. The SC would like to record its appreciation to Interpol, CAD Singapore and AVSEC for the assistance rendered.
He was arrested at the Kuala Lumpur International Airport Terminal 2 (KLIA2) on his return from Singapore yesterday with the assistance of the International Criminal Police Organisation (Interpol), Singapore Police Force's Commercial Affairs Department (CAD Singapore) and Malaysia Airports Aviation Security (AVSEC).
Daniel Wong was preferred with one charge under section 122C(c) read together with section 87A(b) of the Securities Industries Act 1983 (SIA) for abetting Toh in using RM17.5 million from Multi-Code's funds between 26 and 28 March 2007 to finance the purchase of over 11 million Multi-Code shares by Ace Prelude Sdn Bhd.
If convicted, Daniel Wong may be liable to a fine of not less than RM1 million and a jail term of not exceeding 10 years.
The late Toh, a Singaporean and former Managing Director of Multi-Code, had previously been charged by the SC for the principal offence under section 87A(b) of the SIA in 2009. Toh was also charged in the alternative for committing criminal breach of trust (CBT) under section 409 of the Penal Code.
Toh was convicted by the Sessions Court on the alternative charge after a full trial and was sentenced to 12 years imprisonment and a fine of RM1 million, in default two years imprisonment. Toh had filed an appeal to the High Court against his conviction and sentence, however he passed away before his appeal was heard by the High Court.
At the court today, Daniel Wong claimed trial to the charge. The SC opposed bail and submitted that Daniel Wong is a flight risk and had previously absconded the country even when he had ongoing criminal charges against him in a separate case by the SC.
Sessions Court judge Tuan Azrul bin Darus agreed with the SC's submission and denied Daniel Wong bail pending the trial.
The outcome today underscored the importance of international cooperation and collaboration between the SC and international law enforcement agencies in ensuring perpetrators of securities laws are brought to face the law. The SC would like to record its appreciation to Interpol, CAD Singapore and AVSEC for the assistance rendered.
SECURITIES COMMISSION MALAYSIA