KUALA LUMPUR: Prominent Islamic finance figure Tan Sri Dr Mohd Daud Bakar (pic) has been charged with abetment in unlicensed securities activities.
The 62-year-old, who previously sat on the Syariah Advisory Board at Bank Negara, pleaded not guilty after the charge was read out to him before Sessions Court judge Norma Ismail here yesterday.
According to the charge sheet, Mohd Daud, as a representative of Energy Eco Bhd, abetted AUF MBZ Consortium PLT in securities activities despite it not having a licence or registration under the Capital Markets Services Licence.
He allegedly committed the offence at a premises in Pusat Perniagaan Reef in Rawang between June 14, 2021, and Aug 9, 2023.
The charge under Subsection 58(1) of the Capital Markets and Services Act 2007 carries a maximum fine of RM10mil, up to 10 years in jail or both, upon conviction.
Deputy public prosecutor Shoba Venu Gobal of the Securities Commission said Mohd Daud was charged with a non- bailable offence but the court has discretion on the matter, and proposed a RM200,000 bail.
Lawyer Mohd Haziq Razali said his client only faced one charge and bail should not be excessive or punitive as it was only to secure attendance.
The judge allowed bail of RM50,000 in one surety.
Meanwhile, AUF MBZ founder Datuk Seri Mahadi Badrul Zaman, 43, was slapped with two counts of illegal securities trading without a licence under Subsection 58(1) of the Capital Markets and Services Act 2007.
He pleaded not guilty before Norma and Sessions Court judge Azrul Darus in separate proceedings.
Mahadi allegedly committed the offences at a house in Bayrocks Garden Waterfront Villa, Sunway South Quay in Subang Jaya between June 14, 2021, and Feb 15, 2024.
Securities Commission prosecuting officer Danial Imran Nasaruddin urged the court to consider public interest and investor confidence in the securities market before allowing bail, proposing RM500,000 for both cases.
Lawyer Datuk Mohd Zamri Mohd Idrus told the court that his client had cooperated during the investigation and did not pose a flight risk.
He added that Mahadi has to support his cancer-stricken mother and in-laws.
Mahadi was granted a RM100,000 bail from both courts.
A third figure in the case, businessman Muhamad Iqbal Mohamad, was also charged in the same court for abetting AUF MBZ in illegal securities trading in his capacity as director of QEW Group Bhd.
The 47-year-old is accused of committing the offence at a premises in Putra Walk, Taman Pinggiran Putra, Seri Kembangan, between Sept 3, 2021, and Feb 15, 2024.
Securities Commission prosecuting officer Quek Yiing Huey proposed a RM200,000 bail.
Lawyer Nik Mohamed Ikhwan Nik Mahamud sought a lower amount, saying his client needs to support 30 staff members and is not the principal offender.
Norma fixed bail at RM50,000 in one surety.
Mention for all cases was fixed for April 10.
