SC menang saman, 5 individu diperintah bayar RM103.75 juta

Mahkamah Tinggi Kuala Lumpur has ruled that the Securities Commission (SC) has successfully proven the case against five individuals accused of involvement in a scam resulting in losses totaling RM120.6 million. The five individuals named as defendants are Tey Por Yee, Lim Chye Guan, See Poh Yee, Francis Tan Hock Leong, and Faizatul Ikmi Abdul Razak.

The companies that were victims of the scam are Nexgram Holdings Bhd, R&A Telecommunication Group Bhd, Asdion Bhd, and Ire-Tex Corporation Bhd. The SC announced the judgment today, stating that the court found evidence that the defendants had taken control of the four companies and carried out collection efforts, which were then funneled out of the implicated companies.

According to the SC, the court found that each defendant had violated sections 179(a), 179(b), 317A, and 370 of the Securities Markets and Services Act 2007, and ordered them to pay RM100.6 million to the SC under section 360 of the same act. In addition, the court ordered the defendants to pay a civil penalty of RM2.65 million to the SC, with Tey ordered to pay RM1 million, Lim RM600,000, See RM350,000, and Faizatul RM350,000.

The defendants are barred from being the directors, or involved, or participating directly or indirectly in the management of any listed company for a period of 10 years from the date of the judgment, and must pay an additional RM500,000 to the SC to cover costs, according to the judgment. The court also ordered the defendants to be barred from managing their assets until the amount owed is fully paid.

Previously, to prevent the assets of the defendants from being liquidated while awaiting trial, the SC obtained an injunction order from the High Court in 2022, preventing Tey, Lim, See, and Faizatul from handling money in their respective bank accounts. However, the SC did not seek an injunction against Tan as he has not been released from his bankrupt status.

Tey, Lim, See, and Faizatul then filed an appeal, but it was denied by the Court of Appeal, upholding the High Court's decision on August 21, 2024. The SC had previously filed lawsuits against all defendants on November 29, 2022, on charges of carrying out a scam and/or causing dishonest loss amounting to RM120.6 million to the four companies.

Under section 179 of the CMSA, it is prohibited for an individual to directly or indirectly use any scheme for fraud, or to be involved in any act, practice, or business dealings related to the subscription, purchase, or sale of securities. Meanwhile, section 317A of the CMSA prohibits any director or officer of a listed company from engaging in any action with the intention of causing dishonest loss to the implicated company.

In their statement of claim, the SC claimed that between December 2013 and July 2014, Tey, Lim, See, and Tan, in various capacities as directors and officers of the four listed companies, misappropriated the collected funds. Meanwhile, Faizatul was accused of abetting or facilitating such actions. The trial, which took place from October 8, 2025 to April 29, 2026, saw the SC call 33 witnesses, while the defendants provided statements on behalf of themselves, except Tan, who was ruled bankrupt and did not attend the proceedings.

The SC was represented by attorneys Ng Chian Huey, Mohd Izuddin Mohamad, Annarina Chacko Jacob, Adibah Saiful Bahri, and Caysseny Tean Boonsiri, along with attorney Christopher Leong, Janet Chai Pei Ying, Calvin Wong Wai Hou, and Jason Kok Jia Qi from Tetuan Chooi & Company. Tey, Lim, See, and Faizatul were represented by attorney C Vignesh Kumar, while Tetuan B H Lawrence & Co acted as counsel for them.

The judgment further strengthens corporate accountability for directors and officers responsible for managing listed companies, ensuring that any wrongdoing involving misappropriation of collected funds and causing dishonest loss to listed companies will not go unpunished.