SC freezes RM169m of Asia Media founder Rick Wong's assets

KUALA LUMPUR: The Kuala Lumpur High Court had on 8 May 2020, granted an interim Order for the Securities Commission Malaysia (SC) to freeze the assets of, among others, Wong Shee Kai (Ricky Wong), who is currently still at-large.

The Order stems from the SC’s suit against the defendants in relation to securities fraud offences involving Bright Packaging Industry Berhad under Section 179 of the Capital Markets and Services Act 2007 (CMSA).

The Order, obtained under Section 360 of the CMSA, prohibits Wong, his mother Teh Sew Wan, and a company owned by them, Wong SK Holdings Sdn Bhd, from dealing with assets and properties to the value of RM169,223,500.00.

In granting the Order, Judicial Commissioner Anand Ponnudurai also required the three defendants to disclose a full, complete and accurate account of their respective assets within and outside Malaysia.

This Order will bind all the defendants and also prohibit any person from knowingly assisting or permitting any dealings with the defendants’ assets and properties.

Under the terms of the Order, banks are not permitted to exercise a right of set off of any facility they may have given to the defendants.

The High Court further ordered that during the Movement Control Order period, service of this Order on all the defendants is considered valid if it is advertised in an English newspaper.

ORIGINAL ARTICLE https://www.thestar.com.my/business/business-news/2020/05/10/sc-freezes-rm169m-of-asia-media-founder-rick-wong039s-assets