The High Court today, dismissed the appeal of Wahid Ali bin Kassim Ali, a former director and fund manager of Aiwanna Asset Management Sdn Bhd, against his conviction and sentence for securities fraud which he had committed between 2001 and 2002. Wahid Ali, a former director and licensed fund manager of the company was convicted by the Kuala Lumpur Sessions Court in October 2005 of three charges under the Section 87A(c) of the Securities Industry Act 1983 for omitting to provide material facts in the statements of account to its client, Eastern Pacific Industrial Corporation Berhad (“EPIC”). To each charge, he was sentenced to one-year imprisonment and a fine of RM1 million (in default of the total RM3 million fine, one-year imprisonment).
EPIC had, between the period of 31 December 2001 and 11 March 2002, received three monthly statements of account from Aiwanna, signed by Wahid Ali, stating that their investment was placed in a bond fund, when in fact RM5 million of EPIC’s monies had already been dissipated at the material time and was no longer managed by Aiwanna.
The High Court presided by YA Dato’ Mohd Azman bin Husin dismissed the appeal against conviction and sentence and upheld the decision of the Sessions Court. Pending his appeal to the Court of Appeal against the said High Court decision, Wahid Ali was ordered to execute a bond of RM1 million to stay the execution of the sentences.