Appellate court upholds RM169.2m asset freeze against Ricky Wong, mother and company
The Malaysian Court of Appeal has upheld a RM169.2 million asset freeze against Ricky Wong, his mother, and their company, Wong SK Holdings. The ruling supports the Securities Commission Malaysia's civil suit regarding alleged market misconduct and fraud involving Bright Packaging Industry Bhd.
Why it matters
This decision reinforces regulatory oversight in the Malaysian capital markets and demonstrates the judiciary's support for anti-fraud enforcement.
BURSA SGX Home Highlight Make The Edge Malaysia your preferred source on Google PUTRAJAYA (Aug 10): The Court of Appeal upheld a 2022 High Court order preventing Ricky Wong Shee Kai, his mother Teh Sew Wan, and their company Wong SK Holdings Sdn Bhd from dealing with assets worth about RM169.2 million.
The court also rejected their bid to overturn an earlier injunction granted in May 2020 and ordered them to pay RM200,000 in costs to the Securities Commission Malaysia (SC).
The asset freeze is linked to the SC’s civil suit over alleged securities fraud involving Bright Packaging Industry Bhd (KL: BRIGHT ).
In a unanimous decision, a three-member panel led by judge Datuk Leonard David Shim said the High Court had properly exercised its discretion in preventing the three appellants from disposing of their assets following allegations of market misconduct under the Capital Markets and Services Act (CMSA).
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