KUALA LUMPUR: The High Court has granted the public prosecutor's application to forfeit a luxury condominium at Four Seasons Place in Kuala Lumpur and RM445,039.28 from Ricky Wong Shee Kai's personal fixed deposit account.
The Securities Commission Malaysia (SC) managed the forfeiture proceedings on behalf of the public prosecutor.
The property, located at No. 145 Jalan Ampang, Kuala Lumpur, is owned by Havana Bayview Sdn Bhd, where Ricky Wong is a director and major shareholder. The forfeiture stems from proceeds raised by Bright Packaging Industry Berhad through corporate exercises conducted between October 2013 and July 2014.
SC investigations revealed that RM56,074,500 was misappropriated from BPI, with a portion of the funds used as partial payment for the condominium.
The RM445,039.28 sum was interest generated from a portion of the proceeds that were placed into Ricky Wong's fixed deposit account.
Accordingly, the SC had in May 2021 commenced the forfeiture application, pursuant to Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, upon obtaining the public prosecutor's consent.
The matter was heard before Datuk Azhar Abdul Hamid on Sept 2, 2024.
At the decision yesterday, the judge allowed the forfeiture application and granted an order for both the condominium and the cash.
He further granted the Respondents a stay of execution on the decision pending a formal stay application.
In the past, the SC has initiated other enforcement actions against Ricky Wong. This includes a civil suit in May 2020 against Ricky Wong, Teh Sew Wan, and Wong SK Holdings Sdn Bhd for securities fraud offences under section 179 of the Capital Markets and Services Act 2007.
The SC is also seeking public assistance to locate Ricky Wong, who is currently wanted in relation to offences under the Anti-Money Laundering, Anti-Terrorism Financing, and Proceeds of Unlawful Activities Act 2001.