The High Court allowed the Public Prosecutor’s application, conducted by the Malaysia Securities Commission, to forfeit a luxury condominium unit at Four Seasons Place in Kuala Lumpur and RM445,039.28 held in Ricky Wong’s personal fixed deposit account. The forfeiture is linked to proceeds raised by Bright Packaging Industry Berhad through corporate exercises conducted between October 2013 and July 2014. The condominium at No. 145 Jalan Ampang is owned by Havana Bayview Sdn Bhd, of which Wong is a director and substantial shareholder. The Securities Commission’s investigation found that RM56,074,500 was siphoned out of Bright Packaging Industry Berhad and that a portion was used as part payment for the condominium, while the RM445,039.28 represented interest generated from proceeds placed into Wong’s fixed deposit account; the forfeiture proceedings were commenced in May 2021 under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 with the Public Prosecutor’s consent. The matter was heard on 2 September 2024, and the court granted a stay of execution pending a formal stay application. The Securities Commission noted earlier enforcement actions involving Wong, including a civil suit filed in May 2020 against Wong and others for securities fraud offences under Section 179 of the Capital Markets and Services Act 2007, and it is seeking public assistance to locate Wong, who is wanted in relation to offences under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.
Malaysia Securities Commission 2025-01-23
Malaysia Securities Commission secures High Court forfeiture of Four Seasons Place condominium and RM445,039 linked to Bright Packaging proceeds
The High Court approved the Malaysia Securities Commission's application to forfeit a luxury condominium and RM445,039.28 linked to proceeds from Bright Packaging Industry Berhad's corporate exercises. RM56,074,500 was siphoned from the company, with part used for the condominium purchase and the remainder generating interest in Ricky Wong's account. The Commission seeks public assistance to locate Wong, wanted for offences under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.