The Malaysia Securities Commission has filed criminal charges at the Kuala Lumpur Sessions Court against AUF MBZ Consortium PLT founder and partner Datuk Wira Mahadi bin Badrul Zaman for alleged unlicensed capital market activity, and against two directors of unlisted public companies for alleged abetment. The case centres on AUF MBZ’s alleged conduct of a business of dealing in securities without a Capital Markets Services Licence. Mahadi faces two charges under section 58(1) of the Capital Markets and Services Act 2007, deemed committed under section 367(1), for alleged offending periods of 14 June 2021 to 9 August 2023 and 3 September 2021 to 15 February 2024 in Selangor; he claimed trial to both. Separately, Tan Sri Datuk Dr. Mohd Daud bin Bakar, a former director of Energy Eco Berhad, and Dato’ Muhamad Iqbal bin Mohamad, a director of Qew Group Berhad, were each charged with abetment under section 58(1) read with section 370(c) in relation to the first and second charges respectively and both claimed trial. The court granted RM50,000 bail to each accused with one local surety and imposed additional conditions including surrender of passports and monthly reporting to the SC’s Investigating Officer, and the SC noted that conviction could result in a fine of up to RM10 million or up to 10 years’ imprisonment, or both; AUF MBZ and Mahadi were previously added to the SC’s Investor Alert List on 26 February 2024.

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