The Malaysia Securities Commission reported that the Kuala Lumpur High Court dismissed Wong Jit Kiang’s application to strike out an abetment charge linked to alleged securities fraud involving Multi-Code Electronics Industries (M) Berhad, and directed that the trial proceed before the Sessions Court. Wong was charged on 9 May 2024 under section 122C(c) read with section 87A(b) of the Securities Industries Act 1983 for allegedly abetting the late Multi-Code managing director Toh Chun Toh Gordon to use Multi-Code funds of RM17.5 million between 26 and 28 March 2007 to finance Ace Prelude Sdn. Bhd.’s purchase of more than 11 million Multi-Code shares, in an alleged RM17.6 million fraud. If convicted, he faces a fine of not less than RM1 million and imprisonment of up to 10 years; the Securities Commission also noted he had been at large for 15 years before his arrest on 8 May 2024, with arrest warrants issued in 2009 and 2019. The High Court accepted the Securities Commission’s submissions that abetment is a distinct offence and that proceedings can continue despite the absence of a conviction against Toh under section 87A(b), as Toh was instead convicted of criminal breach of trust under section 409 of the Penal Code and died in 2012 while his appeal was pending.
Malaysia Securities Commission 2025-10-17
Malaysia Securities Commission secures High Court ruling keeping RM17.5 million Multi-Code abetment securities fraud charge against Wong Jit Kiang
The Malaysia Securities Commission announced that the Kuala Lumpur High Court dismissed Wong Jit Kiang's application to strike out an abetment charge related to alleged securities fraud involving Multi-Code Electronics Industries (M) Berhad. Wong is accused of abetting the late managing director Toh Chun Toh Gordon in a RM17.6 million fraud, with the trial set to proceed in the Sessions Court. The High Court upheld that abetment is a distinct offence, allowing proceedings despite Toh's conviction and death.