Intellasia East Asia News – Securities Commission: 10 criminal charges, six civil actions filed in 2021 over unlicensed activities, false financial reporting

Ten criminal charges were filed against six individuals and one public-listed company (PLC) for unlicensed activities and furnishing false information in financial reporting in 2021, said the Securities Commission Malaysia (SC).

Additionally, one criminal forfeiture application was filed against an individual and a private limited company in connection to money laundering offences, it said.

“Three convictions were secured against three individuals for cases involving insider trading, furnishing misleading information in financial reporting, and failure to appear before an investigating officer of the SC in connection with an investigation under the AntiMoney Laundering, Anti-Terrorism and Proceeds of Unlawful Activities Act 2021 (AMLATFPUAA),” the SC said in its Annual Report 2021 released today.

According to the capital market regulator, the total fines imposed on the criminal actions taken last year amounted to RM7.575 million.

Meanwhile, the SC had filed six civil actions in 2021 against 10 individuals, and four consent judgments were recorded between the regulator and eight individuals.

Last year, the amount disgorged/restitution order by court stood at RM16.04 million, while the amount of civil penalties imposed amounted to RM2.5 million.

In terms of regulatory settlement, nine cases of regulatory settlements were entered in 2021, involving 10 individuals with RM4.96 million disgorged.

A total of RM2.74 million had been restituted to 721 investors last year, while RM1.60 million were earmarked for further restitution to 501 investors.

The SC said three directors of PLCs, a licensed person and a private individual were restrained from trading on Bursa Malaysia last year, while five directors of PLCs, a licensed person and a private individual were barred as director.

On administrative action, the regulator said 136 administrative sanctions were imposed for various breaches of securities laws and the SC’s Guidelines in 2021.

A total of 133 infringement notices were issued last year, comprising 41 supervisory letters, 22 warning letters, 42 non-compliance letters, as well as 28 cease and desist letters.

The highlight case last year was the regulatory settlement with AMMB Holdings Bhd (AmBank Group) whereby the regulator completed its investigation on the bank for engaging in acts to defraud the Malaysian government and 1Malaysia Development Bhd (1MDB), as well as non-compliance with the SC’s relevant laws and guidelines.

“On February 26, 2021, AmBank Group agreed to pay RM2.83 billion to the government for a global settlement on all outstanding claims and actions in relation to the group’s involvement in 1MDB related matters,” it said.

Recognising that securities offences have no borders and may involve multiple jurisdictions, the SC was involved in joint operations co-ordinated by the National Anti-Financial Crime Centre along with Bank Negara Malaysia (BNM), Royal Malaysia Police (PDRM), Malaysian Anti-Corruption Commission (MACC), Companies Commission of Malaysia (CCM) and Cyber Security Malaysia.

For international cooperation, the SC had liaised with 15 foreign supervisory authorities pursuant to the International Organisation of Securities Commissions’ Multilateral Memorandum of Understanding (IOSCO MMoU) to seek assistance from its counterpart. The IOSCO MMoU is the main mechanism used for information sharing and evidence gathering on cross-border misconduct.

To drive the success of the SC’s investigations, the regulator said it had the opportunity to obtain valuable insights from experts from the United States (US) on digital asset investigation through its collaboration with the US Embassy in Kuala Lumpur.

“Similar efforts would continue with other international counterparts on a regular basis to discuss enforcement and supervisory issues, as well as enhancing information sharing protocols,” it said.


Category: Malaysia

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