KUALA LUMPUR: A former chief executive officer of Infinity Trustee Bhd was charged at the Sessions Court today with transferring RM116 million to a different company offering unlicenced capital market activities.
Syaiful Riezal Ahmad, 51, pleaded not guilty when the charge was read before judge Datin Sabariah Othman.
He was accused of transferring RM116,292,904.15 from the company's Affin Bank current account to Pixelvest Sdn Bhd's current account with CIMB.
He allegedly committed the offence at Affin Bank Bhd's PJ State branch in Petaling Jaya between Dec 1, 2020 and July 28, 2022, as well as Alliance Bank Malaysia Bhd's SS2 branch in Petaling Jaya between Aug 12 and Oct 11, 2022.
It follows Pixelvest Sdn Bhd's offence of conducting unlicensed capital services.
The offence under section 58(1) of the Capital Markets and Services Act 2007 (CMSA), read together with paragraph 370(b) and Section 367(1) of the same Act, carries a maximum fine of RM10 million and 10 years' jail.
At the same court, former Pixelvest Sdn Bhd director Ang Jen Chuen, 33, who was unrepresented, pleaded not guilty to carrying out a regulated activity, namely, managing funds, when the company did not hold such license and was not registered for the service.
Ang was accused of committing the offence at Emporis SOHO, Taman Sains Selangor in Petaling Jaya between Dec 15 2020 and July 15, 2022, with the charge framed under the same Sections.
Securities Commission (SC) deputy public prosecutor Muhammad Izzat Fauzan prosecuted, while Syaiful Riezal was represented by lawyer Md Yunos Shariff.
The court set bail at RM100,000 and RM10,000 with one surety for Syaiful Riezal and Ang, respectively, and fixed March 26 for mention.
