Latest news with #AMLATFPUAA
The Star
6 days ago
- Business
- The Star
Pixelvest fined RM3mil, director jailed for unlicensed capital market activities
KUALA LUMPUR: The Sessions Court has fined Pixelvest Sdn Bhd RM3 million and sentenced its director Dexter Ang Jen Chuen to three years imprisonment for offences relating to 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
New Straits Times
23-07-2025
- Business
- New Straits Times
Ilham Tower challenges MACC's second seizure over alleged irregularities
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) failed to comply with proper procedure in its bid to seize Ilham Tower for the second time, the High Court heard. Ilham Tower Sdn Bhd, the owner of the building, claimed the second seizure notice issued by the anti-graft body failed to adhere to procedures under Section 51(1A) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. Section 51(1A) of the AMLATFPUAA 2001 requires law enforcement agencies to issue a written notice to the person who owns or possesses any property seized under the Act, informing them of the seizure. The company claimed the MACC also failed to post the notice in a public place as required by law, choosing instead to issue a press statement on the seizure. The company said this in its supporting affidavit to seek leave (permission) to initiate a judicial review to challenge the seizure. "The fourth respondent (MACC) also said that with the seizure of Ilham Tower, all transactions or transfers of ownership involving the building are now prohibited. "This statement is clearly erroneous, as no formal notice was served on the applicant. "The issuance of the second seizure notice is an abuse of process and power. It overlaps the earlier seizure and appears to be an attempt to unlawfully circumvent the 18-month time limit for the first seizure, which expired on June 17. "Although the first seizure notice was issued on Dec 18, 2023, no prosecution or charge has been brought against the late Tun Daim Zainuddin to indicate that the premises are linked to any offence under the MACC Act. "Since the first seizure notice, no evidence has been presented linking the applicant or Daim to any specific offence under the MACC Act 2009, AMLA 2001, or any other law related to money laundering or corruption," the affidavit said. Ilham Tower further argued that the second seizure violates Article 13 of the Federal Constitution, as it deprives the applicant of the right to use and enjoy the property. The company said the seizure has caused a significant loss in rental income, reputational harm as a property owner, and depreciation in the property's value. It added that the prolonged and arbitrary denial of ownership rights – without any charge or prosecution – was not only grossly unfair but also risked rendering the judicial review application futile. Ilham Tower filed the ex-parte application through its legal firm, Messrs Raj & Sach, on June 23. One of the company's directors is the late Daim's wife, Toh Puan Na'imah Abdul Khalid. In its application, Ilham Tower named the MACC, its Chief Commissioner Tan Sri Azam Baki, senior officer Mohd Razi Rahhim @ Rahim, MACC deputy public prosecutor Ahmad Akram Gharib, the public prosecutor, Prime Minister Datuk Seri Anwar Ibrahim, and the government as respondents. The company is seeking a declaration that the order or seizure notice issued by Ahmad Akram is null and void. The company is also applying for a certiorari order to quash the seizure notice and all related decisions or actions. Additionally, it seeks a mandamus order compelling the second respondent – or any officer, employee, agent, or authorised individual under the second respondent – to cancel the seizure notice. Ilham Tower is also requesting a court order to suspend the seizure notice and all related actions or decisions until its judicial review application is heard and decided by the High Court. The company is also seeking damages and costs.
![[UPDATED] MACC seeks forfeiture of RM3b assets linked to Daim, family](/_next/image?url=https%3A%2F%2Fassets.nst.com.my%2Fimages%2Farticles%2Fmamadains_NSTfield_image_socialmedia.var_1752226765.jpg&w=3840&q=100)
New Straits Times
11-07-2025
- Business
- New Straits Times
[UPDATED] MACC seeks forfeiture of RM3b assets linked to Daim, family
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) is moving to seize and forfeit more than RM3 billion worth of assets allegedly linked to the late Tun Daim Zainuddin, his widow Toh Puan Na'imah Khalid, their family members, and close associates. In a statement today, the commission said its Special Operations Division had identified ownership of high-value assets in 11 countries. These countries include the United Kingdom, United States, Switzerland, Singapore, British Virgin Islands, Cayman Islands, Jersey, Italy, Japan, Indonesia, and several African nations. The investigation was carried out in cooperation with enforcement agencies in the United Kingdom, namely the National Crime Agency (NCA) and the International Anti-Corruption Coordination Centre (IACCC). So far, a restraining order was issued by the Kuala Lumpur High Court on June 3, under Section 53 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), involving seven assets in the UK valued at RM758 million. "An application for Mutual Legal Assistance (MLA) is currently being processed with the UK authorities via the Attorney General's Chambers. Further coordination with the IACCC is ongoing to ensure effective enforcement," MACC said. The commission also filed similar restraining orders through the Kuala Lumpur High Court on June 19 for assets in Jersey and Singapore. The hearings took place on June 23 and 25. The assets in question include four bank and investment accounts in Jersey worth RM1.15 billion, and 12 accounts in Singapore amounting to RM540 million. MACC said additional requests for information on assets located in the United States, Switzerland, the British Virgin Islands, Cayman Islands, Italy, and Japan are being pursued with the assistance of Bank Negara Malaysia, the IACCC, and MLA applications. Locally, the commission confirmed that it seized Ilham Tower in Kuala Lumpur on June 5, following a court order issued a day earlier. A forfeiture application without prosecution was filed on June 25 under Section 56 of the AMLATFPUAA. As part of the ongoing probe, MACC recorded statements from Na'imah and her son, Muhammed Amir Zainuddin Daim, on June 14 regarding undeclared high-value commission plans to obtain a statement from their second son, Muhammed Amin Zainuddin Daim, who is currently residing in the UK. "All three individuals are key shareholders of Ilham Baru Sdn Bhd, which owns a majority stake in Ilham Tower Sdn Bhd. They have been identified as beneficial owners of Ilham Tower," the commission said. In line with Section 36(1) of the MACC Act 2009, the commission said it began issuing notices on July 10 to 22 individuals identified as close relatives and associates of Daim and Na'imah, requiring them to declare their assets for verification.
New Straits Times
08-07-2025
- Business
- New Straits Times
Authorities probe RM120mil milk supply cartel
KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) is investigating three individuals believed to be behind a RM120 million milk supply cartel that delivered substandard products to a government department. The operation was carried out jointly with the Inland Revenue Board (LHDN) and Bank Negara Malaysia (BNM), reported Berita Harian. Sources said three homes and a company premises in the capital were raided, with investigators seizing documents related to milk supply contracts dating back to 2019. About 80 bank accounts worth RM70 million have been frozen. The case is being investigated under Section 16 of the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001. LHDN is also conducting a probe under the Income Tax Act 1967.
New Straits Times
01-07-2025
- Politics
- New Straits Times
Court sets Aug 6 hearing for new Ilham Tower forfeiture case
KUALA LUMPUR: The High Court has fixed Aug 6 for the hearing and mention of a new forfeiture case involving Ilham Tower. The Malaysian Anti-Corruption Commission (MACC), in a statement today, said the application for non-prosecution forfeiture under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) was filed on May 25 and approved by deputy public prosecutor Datuk Ahmad Akram Gharib. "On the same day, the court also approved the filing of the new forfeiture case at the Kuala Lumpur High Court. "The hearing has been scheduled for 9am on Aug 6 before High Court Senior Registrar Neethiya Nair Vijaya Kumar," it said.
