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KUALA LUMPUR: On May 8, 2020, the Kuala Lumpur High Court granted a provisional order to the Malaysian Securities Commission (SC) to freeze the assets of, among others, Wong Shee Kai (Ricky Wong), who is currently on freedom .
The order stems from SC’s lawsuit against defendants regarding securities fraud offenses involving Bright Packaging
Industry Berhad under Section 179 of the Capital Markets and Services Act of 2007 (CMSA).
The Order, obtained under Section 360 of the CMSA, prohibits Wong, his mother Teh Sew Wan, and a company he owns, Wong SK Holdings Sdn Bhd, from dealing with assets and property worth RM169,223,500.00.
In granting the order, Judicial Commissioner Anand Ponnudurai also required all three defendants to disclose a complete, complete and accurate account of their respective assets in and outside Malaysia.
This order will compel all defendants and will also prohibit any person from knowingly aiding or permitting any dealings with the defendants’ property.
Under the terms of the Order, banks cannot exercise the right to set off any facility that they have been granted to the defendants.
The High Court further ordered that during the Movement Control Order period, the service of this Order to all defendants be considered valid if advertised in an English newspaper.
A copy of the provisional order WA-22NCC-171-05 / 2020 issued by the Commercial Division of the KL Superior Court on May 8, 2020.
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