KUALA LUMPUR: A company founded by businessman Datuk Mahadi Badrul Zaman, AUF MBZ Consortium PLT (AUF MBZ), pleaded not guilty at the Sessions Court here to two counts of illegal securities trading.
Mahadi, who appeared in court on behalf of the company, claimed trial after the charges were read out before judge Izralizam Sanusi here on Thursday (Feb 26).
According to the charge sheet, AUF MBZ allegedly conducted securities trading despite not having Capital Markets Services Licence nor registration for controlled securities trading activities.
The offences were allegedly committed at Sunway South Quay, Subang Jaya between June 14, 2021 and Feb 15, 2024.
The company was charged under Section 58(1) of the Capital Markets and Services Act 2007, and can be sentenced under Section 58(4) of the same Act.
The charge carries a maximum fine of RM10mil or up to 10 years imprisonment or both, if convicted.
Securities Commission's deputy public prosecutor K. Mageswary did not offer bail as the offences were charged against a company and not an individual.
She asked the court to transfer the case to be heard before judges Azrul Darus and Norma Ismail to be heard with other cases involving Mahadi.
Lawyer Datuk Mohd Zamri Mohd Idrus, who represented the company, did not object.
Judge Izralizam then allowed the application to transfer and fixed April 10 for mention.
On Feb 23, Mahadi claimed trial at the Sessions Court to two similar charges.
