Pixelvest fined RM3mil, director jailed for unlicensed capital market activities
In a statement today, Securities Commission Malaysia (SC) said Pixelvest, represented by Ang, pleaded guilty to one charge under section 58(1) of the Capital Markets and Services Act 2007 (CMSA) for carrying out a business in fund management without a licence.
Ang also pleaded guilty to one charge under section 58(1) of the CMSA in his capacity as Pixelvest director, with the sentence to run from the date of his Jan 10 2024 arrest.
On July 28, 2025, Ang pleaded guilty to eight charges of receiving proceeds from unlawful activity under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) in the Sessions Court.
He was sentenced to three years' imprisonment for each offence from the date of arrest with jail terms for all eight charges running concurrently.
The offences took place in Kuala Lumpur and Selangor between December 2020 and January 2023.
Ang was arrested and charged by the SC on Jan 10, 2024 for the offences under the AMLATFPUAA, and thereafter on Feb 26, 2024 for the CMSA offence. Pixelvest was charged on May 10, 2024.
Both had claimed trial to all the charges initially.
Fund management is a regulated activity. Any person carrying on a fund management business requires a licence from the SC under the CMSA.
The SC views unlicensed activities seriously and remains committed to investor protection by taking enforcement actions against those who contravene the law. - Bernama
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Star
2 hours ago
- The Star
CPO prices likely to remain steady
PETALING JAYA: Crude palm oil (CPO) prices are facing renewed pressure as stockpiles climb to a 19-month high, raising concerns over the earnings outlook for plantation players. Regardless, analysts foresee prices to remain elevated between RM3,800 and RM4,500 per tonne for the rest of 2025. CPO futures were trading at RM4,220 per tonne at market close, according to Bloomberg data. While prices have declined year-to-date, they have gradually recovered since early May, when the contract was trading at RM3,772 per tonne. The stronger performance comes even as Malaysian palm oil reserves are estimated to have surged nearly 10% a month earlier to around 2.23 million tonnes in July, the highest level in 19 months. Speaking to StarBiz, Malaysia Palm Oil Association chief executive Roslin Azmy Hassan acknowledged the jump in inventory levels is weakening market sentiment, particularly as the July stockpile was recorded to be the highest since December 2023. Roslin shared that the high inventory level was driven by stronger output and weaker demand. 'CPO production in July rose by around 8% compared to June, supported by improved weather, enhanced harvesting efficiency and seasonal yield recovery,' he said. 'However, export growth was not strong enough to match supply. Key buyers like India and China reduced buying due to comfortable stock levels and more competitive pricing from Indonesia,' he added. Looking ahead, Roslin said the inventory buildup could persist over the next two months. 'The high inventory scenario is expected to persist until at least October 2025, coinciding with the seasonal peak production period. 'Unless there are major weather disruptions or a sharp demand recovery, stock levels may only begin to ease in the fourth quarter,' he added. CIMB Securities head of research Ivy Ng Lee Fang shared a similar outlook, saying CPO inventories are likely to remain high in the near term. 'We expect the CPO price to trade between RM3,800 and RM4,300 per tonne,' she said. Ng added that the downside would be cushioned by slower palm oil output growth and stronger biodiesel demand in Indonesia, while the upside is capped by rising stock levels. She pointed out that two key developments to watch are whether Indonesia raises its biodiesel blend from B40 to B45 or B50, and whether the United States increases its biodiesel incentives. She also flagged potential risks from weather conditions. 'For example, the recent severe haze condition in Indonesia could affect palm oil supply if it prolongs,' she said. BIMB Securities analyst Saffa Amanina echoed the near-term cautious tone, citing elevated stockpiles that are likely to remain above two million tonnes through September. 'We expect CPO prices to remain under pressure in the near term due to elevated inventory levels, which are likely to stay above two million tonnes through September,' she said. She said this was due to seasonal peak production in both Malaysia and Indonesia, alongside the upcoming soybean harvest in the United States, which may weigh on sentiment across the broader vegetable oil market. 'We estimate that CPO prices could temporarily soften, with downside risk to briefly dip to RM3,700 per tonne,' she said. Still, she believes the decline will be limited by restocking demand from India ahead of Deepavali. Amanina projects that prices will recover towards the year-end, trading between RM4,100 and RM4,200 per tonne, supported by monsoon-related supply disruptions. She added that price pressures could also stem from the narrowing CPO-soybean oil price gap, in-house expectation of a stronger ringgit, and a wider palm oil-gas oil spread, which may reduce biodiesel blending incentives. Potential support, on the other hand, may come from changes in US biofuel targets and European restocking ahead of the European Union's deforestation regulation. While most experts are cautious in the short term, some are less concerned. Former Malaysian palm oil executive Joseph Tek downplayed fears of oversupply, saying the current stockpile levels are not unusually high. 'While end stocks are at 2.2 to 2.3 million tonnes, it is not really high. The market has just gotten used to seeing below two million tonnes. This level should be seen as neutral and I don't expect prices to react dramatically,' he said. He pointed out that the supply situation may appear elevated on paper, but regional consumption patterns are shifting. For instance, Indonesia has been using more of its palm oil locally, leaving less for export. 'The market is not exactly overflowing,' he said. While he expects the current situation to linger for a bit, he remains bullish that prices will hold steady. Looking ahead, Tek said several factors could influence the market in the second half of 2025, including production trends in both Malaysia and Indonesia, developments in the biodiesel segment, and policy decisions from the United States. 'The market is expecting a big peak in production, but I remain cautiously optimistic. My pragmatism tells me it may not be as high as anticipated,' he said. He added that while Indonesia's biodiesel blending hit a strong 95% realisation rate in the first half of the year, there have been some hiccups recently. 'If blending volumes dip, we could see prices take a hit,' he said, noting that the industry is also keeping a close watch on the rollout of the B50 biodiesel programme. Meanwhile, the upcoming announcement of the US Renewable Volume Obligations could also play a role in shaping global vegetable oil demand. 'While end stocks might look steady, these factors could still keep the market lively. I would like to think of it as a steady raft with a few interesting currents,' he said. On pricing, Tek expects CPO prices to remain firm in the near term, trading within a favourable range of RM4,100 to RM4,500 per tonne. 'I'm looking at plus or minus 5%, but if there are other intertwined factors interplaying, then we can raise it to plus or minus 10%,' he said.
Borneo Post
10 hours ago
- Borneo Post
Contractor claims trial to abusing son
The Kota Kinabalu Court Complex. KOTA KINABALU (Aug 6): A contractor claimed trial in a Sessions Court here on Wednesday to a charge of abusing his nine-year-old son. The 45-year-old man, who appeared before judge Amir Shah Amir Hassan, was charged under Section 31 (1) (a) of the Children Act 2001. The man was accused of kicking and hitting his son in Inanam at 7pm on July 24. The court fixed September 9 for pre-trial case management. In the meantime, the unrepresented accused is further detained in custody as he was denied bail. Another Sessions Court set September 13 for the sentencing of a man for causing grievous hurt to his neighbour. Aidil Rahim, 19, had pleaded guilty before judge Hurman Hussain to a charge under Section 326 of the Penal Code. The indictment provides for a jail term of up to 20 years or with a fine and whipping, upon conviction. Aidil's sentencing was put off at the request of the prosecution. The prosecution informed the court that the medical report of the victim had yet to be received. Aidil admitted to assault the neighbour using a samurai sword outside a house at Kampung Saga here at 6.40pm on July 24. The unrepresented accused will be further remanded under Section 259 of the Criminal Procedure Code, as he had no valid travel document.
Borneo Post
11 hours ago
- Borneo Post
Sarawak to reform maritime laws, strengthen regional anti-piracy measures, says minister
Henry (seated centre) in a group photo with participants during the Anti-Piracy Forum 2025. SIBU (Aug 6): The Sarawak government is taking steps to review and reform its maritime laws to better protect local shipping interests and strengthen regional anti-piracy efforts, said state Transport Minister Dato Sri Lee Kim Shin. Delivering his remarks through his deputy minister Dato Henry Harry Jinep at the Anti-Piracy Forum 2025 here today, Lee emphasised that maritime threats remain transnational and require integrated responses. 'Maritime transport is the backbone of Sarawak's coastal and riverine economy. Ensuring the safety of our shipping lanes is vital for connecting rural communities and supporting economic growth,' he said. Lee revealed that his ministry is currently in the initial stage of reviewing the Merchant Shipping Ordinance 1960 (Sarawak) to ensure it remains relevant and aligned with current shipping developments. He also noted that Sarawak has been appointed to the Maritime Law Review and Reform Committee (MLRRC), a body endorsed by the Federal Cabinet, allowing the state to ensure its interests are represented in the nationwide maritime legal reform. While Sarawak waters remain free from piracy, Lee cautioned that opportunistic sea robberies have been reported in regional waters, particularly in busy straits and international zones where enforcement is limited. 'Piracy is not a problem any single nation can solve alone. I urge authorities, shipping operators, and regional partners to collaborate through vigilance, real-time reporting, and joint patrols,' he said. The forum, co-organised by the Sabah and Sarawak Shipowners Association (SSSA) and the Regional Cooperation Agreement on Combating Piracy and Armed Robbery against Ships in Asia (ReCAAP), serves as a platform for intelligence sharing, fostering partnerships, and strengthening maritime safety measures. Lee also called on federal and state enforcement agencies to enhance surveillance along Sarawak's coastal waters to safeguard seafarers, shipping companies, and local maritime trade routes. 'Together, through innovation, intelligence, and integration, we can push piracy further into the past and ensure our maritime domain remains a space of peace and prosperity.' The forum brought together shipowners, enforcement agencies, and international partners to discuss strategies aimed at securing sea lanes and protecting the lives of seafarers navigating regional waters. anti-piracy Lee Kim Shin maritime laws reform
