Securities Commission Malaysia reported that the Court of Appeal dismissed appeals by Wong Shee Kai, also known as Ricky Wong, Teh Sew Wan and Wong SK Holdings Sdn Bhd against an inter partes injunction freezing assets and properties worth up to MYR 169.2 million. The injunction will remain in place pending determination of the regulator’s civil suit and prohibits anyone from knowingly assisting or permitting dealings with the assets. The civil suit, filed in 2020, concerns alleged securities fraud contraventions under Section 179 of the CMSA involving Bright Packaging Industry Berhad. The court also rejected the appellants’ attempt to set aside an earlier ex parte injunction and ordered them to pay MYR 200,000 in costs to the commission. The ongoing Kuala Lumpur High Court trial is scheduled to continue on Sept. 1, 2026.
Malaysia Securities Commission2026-08-10
Securities Commission Malaysia reports dismissal of appeals against MYR 169.2 million asset freeze
The Court of Appeal dismissed challenges to an injunction obtained by Securities Commission Malaysia freezing up to MYR 169.2 million of the appellants’ assets. The freeze supports an ongoing securities fraud civil suit involving Bright Packaging Industry Berhad, with the trial due to continue on Sept. 1, 2026.