Court of Appeal dismisses Ricky Wong’s appeal against RM169.2mil asset freeze
The Malaysian Court of Appeal has upheld a High Court injunction freezing RM169.2 million in assets belonging to Ricky Wong and his associates. The freeze is part of an ongoing civil suit filed by the Securities Commission Malaysia regarding alleged securities fraud.
Why it matters
This case highlights the regulatory efforts to combat financial fraud and enforce asset recovery in capital markets.
KUALA LUMPUR: The Court of Appeal has dismissed appeals by Wong Shee Kai, also known as Ricky Wong, Teh Sew Wan and Wong SK Holdings Sdn Bhd against a High Court injunction freezing up to RM169.2mil of their assets and properties.
The Securities Commission Malaysia (SC) said the appellate court on Monday also dismissed the appellants’ bid to set aside an earlier ex parte injunction granted by the High Court on May 8, 2020.
The appellants were ordered to pay RM200,000 in costs to the SC.
On April 28, 2022, the High Court granted an inter partes injunction to freeze the appellants’ assets and properties worth up to RM169.2mil, pending the determination of a civil suit filed by the SC.
The injunction order also prohibits any person from knowingly assisting or permitting any dealings involving the appellants’ assets and properties.
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