SC charges Pixelvest and former Infinity Trustee director with unlicensed capital market offences

KUALA LUMPUR: The Securities Commission (SC) has charged two companies and one individual in the Kuala Lumpur Sessions Court with three offences relating to unlicensed capital market activities.

In a statement, SC said Pixelvest Sdn Bhd was charged today with one count under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) for carrying on a fund management business without a licence.

Pixelvest, represented by its director Dexter Ang Jen Chuen, claimed trial to the charge before Sessions Court judge Norina Zainol Abidin.

This follows the charges filed by the SC against Infinity Trustee Bhd (ITB) on April 30, 2024, with two counts under section 58(1) read together with section 370(b) of the CMSA.

“The offence is in relation to ITB transferring funds amounting to RM116.29mil to Pixelvest through two accounts in furtherance of the offence committed by Pixelvest,” SC said.

ITB company representative, Tan Boon Hoong, had claimed trial to both charges before Sessions Court judge Datin Fadzlin Suraya Mohd Suah.

The SC also said former ITB director Sophia Chin Wai Lan was charged today under Section 58(1), read together with Sections 370(b) and 367(1), for transferring RM859,750 from ITB’s account to Pixelvest. Chin also claimed trial.

The judge did not impose any bail amount, considering Chin's existing bail conditions in her ongoing case before the Court.

The offences committed by Pixelvest and Chin took place in Petaling Jaya, Selangor between December 2020 and October 2022.

Fund management is a regulated activity that requires a licence by the SC under Schedule 2 of the CMSA. Any person carrying on this activity without a licence commits an offence under the CMSA which is punishable with a maximum fine of RM10mil or imprisonment for a term not exceeding 10 years, or both.