The High Court yesterday allowed the Public Prosecutor’s application against Havana Bayview Sdn Bhd and Wong Shee Kai (Ricky Wong) to forfeit a luxury condominium unit at Four Seasons Place in Kuala Lumpur as well as a sum of RM445,039.28 held in Ricky Wong's personal fixed deposit account (Forfeiture Application).
The Securities Commission Malaysia (SC) conducted the Forfeiture Application on behalf of the Public Prosecutor.
The property at No. 145 Jalan Ampang, Kuala Lumpur is owned by Havana Bayview, of which Ricky Wong is a director and substantial shareholder.
The Forfeiture Application pertains to proceeds raised by Bright Packaging Industry Berhad (BPI) through its corporate exercises conducted between October 2013 to July 2014.
The SC’s investigation revealed that proceeds amounting to a total of RM56,074,500 were siphoned out of BPI and a portion thereof was used as part payment for the purchase of 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 (AMLATFPUAA), upon obtaining the Public Prosecutor’s consent.
The matter was heard before YA Dato’ Azhar bin Abdul Hamid on 2 September 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 of the 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.
