SC freezes RM169m of Asia Media founder Ricky Wong's assets


  • Corporate News
  • Sunday, 10 May 2020

The Kuala Lumpur High Court had on Friday granted an interim order for the SC to freeze the assets of Wong, 38, who is currently still at-large as the SC has sought Interpol’s help to track him down.

KUALA LUMPUR: Asia Media founder, Wong Shee Kai or Ricky Wong, who is on the Securities Commission’s (SC) list for securities fraud, had RM169.22mil of his assets frozen.

The Kuala Lumpur High Court had on Friday granted an interim order for the SC to freeze the assets of Wong, 38, who is currently still at-large as the SC has sought Interpol’s help to track him down.

In a statement issued on Sunday, the SC said the order followed its action taken the defendants in relation to securities fraud offences involving Bright Packaging Industry Bhd under Section 179 of the Capital Markets and Services Act 2007 (CMSA).

“The order, obtained under Section 360 of the CMSA, prohibits Wong, his mother Teh Sew Wan, and a company owned by them, Wong SK Holdings Sdn Bhd, from dealing with assets and properties to the value of RM169.22mil.

“In granting the order, Judicial Commissioner Anand Ponnudurai also required the three defendants to disclose a full, complete and accurate account of their respective assets within and outside Malaysia.

“This order will bind all the defendants and also prohibit any person from knowingly assisting or permitting any dealings with the defendants’ assets and properties. Under the terms of the Order, banks are not permitted to exercise a right of set off of any facility they may have given to the defendants, ” the SC added.

To recap, on April 27, the SC sought the help of Interpol and the public to track down Wong over alleged money laundering.

He is wanted in connection with offences under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA).

The regulator said Wong is a wanted person and currently at-large after the Kuala Lumpur Magistrate’s Court issued a warrant of arrest on Dec 27,2019 for failing to appear before the SC’s investigating officer.

“If found to be in breach of section 32(3)(a) of AMLATFPUAA, Wong will, upon conviction, be liable to a fine not exceeding RM3mil or to imprisonment for a term not exceeding five years, or both, under section 32(8) of the same Act, ” it said.

Wong’s (IC: 811212-14-5957) last known business/employment address was Asia Media Group Berhad, No. 35, First Floor, Jalan Bandar 16, Pusat Bandar Puchong, Selangor

Wong was the former CEO of Asia Media but he was removed as a director during an EGM on July 25,2019.

On Feb 25,2019, he ceased to be substantial shareholder after the disposal of eight million shares in an off-market deal.

Meanwhile, in the statement issued on Sunday, the SC said the High Court further ordered that during the Movement Control Order period, of this order on all the defendants is considered valid if it is advertised in an English newspaper.

A copy of the interim order WA-22NCC-171-05/2020 granted by the KL High Court Commercial Division on May 8, 2020 is available here

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