PUTRAJAYA: The Court of Appeal has upheld a High Court order to freeze assets worth up to RM169.22mil belonging to businessman Datuk Ricky Wong Shee Kai, his mother Teh Sew Wan and their company, Wong SK Holdings Sdn Bhd.
The freezing order was granted yesterday in a civil suit filed by the Securities Commission over alleged market misconduct.
A three-member panel, chaired by Federal Court judge Datuk Ravinthran N. Paramaguru and comprising Court of Appeal judges Datuk Dr Choo Kah Sing and Datuk Leonard David Shim, delivered an unanimous decision.
The panel ruled that the High Court judge had correctly applied the relevant legal principles and properly exercised his discretion.
Justice Shim said the panel found that the High Court had the authority to grant interim and inter partes injunctions under Section 360 of the Capital Markets and Services Act (CMSA).
The provision allows the court to restrain the appellants from disposing of or dealing with their assets while the case is pending.
“We therefore find that there was a prima facie case that the appellants have jointly and severally contravened Section 179 of the CMSA and made unlawful pecuniary gains of at least RM56mil from the fraud,” the judge said, as reported by Bernama.
“The circumstances in which the alleged fraudulent scheme was perpetrated against BPI – involving the layering of corporate entities, fake invoicing, the transfer of proceeds from BPI to the various nominee companies controlled by Ricky Wong, and eventually into the bank accounts of Ricky Wong and Wong SK Holdings – show that there is a prima facie case of breach of Section 179 of the CMSA, and it is reasonably likely that the appellants may dispose of the assets,” he said.
