Securities Commission Malaysia reported that the Kuala Lumpur High Court found five individuals liable for operating a scheme to defraud and causing wrongful losses to four listed companies. The court ordered the defendants to pay RM100.6 million under the Capital Markets and Services Act 2007, RM2.65 million in civil penalties and RM500,000 in costs, bringing the total to RM103.75 million. The court found evidence that the defendants took control of Nexgram Holdings Berhad, R&A Telecommunication Group Berhad, Asdion Berhad and Ire-Tex Corporation Berhad, arranged fundraising exercises and siphoned out the proceeds between December 2013 and July 2014. Each defendant was barred for 10 years from serving as a director of, or participating directly or indirectly in the management of, any listed company. The court also restrained them from dealing with their assets until all amounts due have been paid.
2026-08-20Malaysia Securities Commission
Securities Commission Malaysia secures RM103.75 million High Court judgment against five defendants over listed company fraud scheme
Securities Commission Malaysia secured a Kuala Lumpur High Court judgment ordering five individuals to pay RM103.75 million over a scheme that siphoned fundraising proceeds from four listed companies. The defendants were also barred from listed company management for 10 years and restrained from dealing with their assets until the amounts due are paid.