Latest news with #RuwanAmareshShaunPonniah
BusinessToday
30-06-2025
- Business
- BusinessToday
Former Investment Banker Fined RM1 Million And 2 Years Jail
The Kuala Lumpur Sessions Court today sentenced a former investment banker to two years imprisonment and a fine of RM1 million, in default six months imprisonment, for securities fraud offences involving RM201,000. Ruwan Amaresh Shaun Ponniah, a former associate director of Debt Capital Markets at CIMB Investment Bank, was sentenced by Sessions Court judge Puan Norma Binti Ismail after he pleaded guilty earlier today to one charge under section 179(b) of the Capital Markets and Services Act 2007 (CMSA). The court also took into consideration nine other similar charges under section 171A of the Criminal Procedure Code (CPC). Ruwan had falsely represented to seven investors that he would invest their monies in shares listed on the Malaysian and foreign stock exchanges. The monies were instead utilised for other purposes without the investors' knowledge. Ruwan also pleaded guilty to one charge under section 58(1) of the CMSA for holding himself out as carrying on a business in fund management without being licensed or a registered person for fund management. The court sentenced him to two years imprisonment and ordered for the jail term to run concurrently with the first offence. Ruwan was first arrested and charged by the SC on 18 September 2024. He claimed trial to all the charges and was granted bail at RM210,000 with one surety. On 5 February 2025, upon Ruwan's application to the High Court for a reduction of the bail sum, the amount was reduced to RM105,000. However, Ruwan was unable to post bail and was remanded at the Sungai Buloh prison to date. The court ordered Ruwan's jail term to take effect from his date of arrest. Related
The Star
30-06-2025
- Business
- The Star
Ex-investment banker jailed, fined RM1mil for securities fraud
KUALA LUMPUR: The Kuala Lumpur Sessions Court today sentenced a former investment banker to two years' jail and a RM1mil fine, or six months' jail in default, for securities fraud involving RM201,000. In a statement, the Securities Commission (SC) said Ruwan Amaresh Shaun Ponniah, a former associate director at CIMB Investment Bank, was sentenced by Sessions Court judge Norma Ismail after pleading guilty to a charge under Section 179(b) of the Capital Markets and Services Act 2007. The court also took into consideration nine other similar charges under section 171A of the Criminal Procedure Code (CPC). Ruwan had falsely represented to seven investors that he would invest their monies in shares listed on the Malaysian and foreign stock exchanges. The monies were instead utilised for other purposes without the investors' knowledge. Ruwan also pleaded guilty to a charge under Section 58(1) of the CMSA for unlawfully holding himself out as a licensed fund manager. The court sentenced him to two years imprisonment and ordered for the jail term to run concurrently with the first offence. Fund management is a regulated activity under Schedule 2 of the CMSA. The offences took place between October 2018 and June 2020. Ruwan's plea was made in pursuant to his application for a plea bargain under section 172C of the Criminal Procedure Code (CPC). He was first arrested and charged by the SC on Sept 18, 2024. He claimed trial to all the charges and was granted bail at RM210,000 with one surety. On Feb 5, 2025, the High Court reduced Ruwan's bail to RM105,000 following his application. However, he failed to post bail and has been held at Sungai Buloh Prison since. The court ordered his jail term to begin from the date of his arrest. The SC reminds the public to remain vigilant and to confirm the legitimacy of any investment offers by using the Investment Checker, available at on its official website.
New Straits Times
30-06-2025
- Business
- New Straits Times
Ex-banker jailed two years, fined RM1mil for securities fraud
KUALA LUMPUR: A former investment banker has been sentenced by the Kuala Lumpur Sessions Court to two years' imprisonment and fined RM1 million, or a further six months in jail if he fails to pay, for committing securities fraud involving RM201,000. Ruwan Amaresh Shaun Ponniah, who previously served as an associate director of Debt Capital Markets at CIMB Investment Bank, pleaded guilty before Sessions Court Judge Puan Norma Binti Ismail to one charge under Section 179(b) of the Capital Markets and Services Act 2007 (CMSA). In a statement, the Securities Commission Malaysia (SC) said the court also took into account nine additional similar offences under Section 171A of the Criminal Procedure Code (CPC) for sentencing purposes. Investigations found that Ruwan deceived seven investors by claiming he would invest their money in shares listed on local and foreign stock exchanges but instead used the funds for other purposes without their knowledge. Ruwan also pleaded guilty to one charge under section 58(1) of the CMSA for holding himself out as carrying on a business in fund management without being licensed or a registered person for fund management. The court sentenced him to two years imprisonment and ordered for the jail term to run concurrently with the first offence. Fund management is a regulated activity under Schedule 2 of the CMSA. The offences took place between October 2018 and June 2020. Ruwan's plea was made in pursuance to his application for a plea bargain under section 172C of the CPC. According to the statement, Ruwan was first arrested and charged by the SC on Sept 2024. He claimed trial to all the charges and was granted bail at RM210,000 with one surety. On Feb 5, 2025, upon Ruwan's application to the High Court for a reduction of the bail sum, the amount was reduced to RM105,000. However, Ruwan was unable to post bail and was remanded at the Sungai Buloh prison to date. The court ordered Ruwan's jail term to take effect from his date of arrest. The SC reminds the public to remain vigilant and to confirm the legitimacy of any investment offers.
