SC charges former remisier with securities fraud

Securities Commission Malaysia building at Kuala Lumpur.

KUALA LUMPUR: The Securities Commission Malaysia (SC) has charged former remisier, Peter Chuah Hock Heng with defrauding an investor and engaging in unlicensed capital market activities.

In a statement, the SC said the offences allegedly took place between February and April 2014 in Petaling Jaya, Selangor.

Chuah, 44, was charged at the Kuala Lumpur Sessions Court on Monday with one charge under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA) for defrauding an investor.

He had allegedly made a false representation of a purported investment scheme involving the purchase of securities.

If convicted, Chuah faces a jail term not exceeding 10 years and a fine of not less than RM1mil.

The SC said Chuah also faced two charges under Section 58(1) CMSA for holding himself out as carrying on a business in dealing in securities without a licence.

“Dealing in securities is a regulated activity as set out in Schedule 2 of the CMSA and any person carrying out this activity is required to be licensed by the SC.

“This offence carries a maximum fine of RM10mil or a jail term for a term not exceeding 10 years, or both if convicted.”

Chuah claimed trial to all three charges in two separate courts. For the charge under section 179(b) CMSA, Sessions Court judge Datin Sabariah Othman granted bail at RM50,000 with one surety.

The accused was also ordered to surrender his passport to the court and report to the SC’s investigating officer on a monthly basis.

Separately for the charges under section 58(1) CMSA, Sessions Court judge Tuan Azrul Darus granted bail at RM30,000 with one surety.

The court imposed similar additional bail conditions as the earlier court.

“The SC reminds investors to exercise caution before parting with their monies and when considering investment opportunities.

“The SC’s Investor Alert List is constantly updated to guide the public to identify unauthorised / unlicensed platforms, companies or individuals.”