Securities Commission to freeze RM170 mil assets of Asia Media founder FMT Reporters -May 10, 2020 3:41 PM facebook sharing button twitter sharing button whatsapp sharing button sharethis sharing button
The Securities Commission says the order stems from its suit against the defendants in relation to securities fraud offences involving Bright Packaging Industry Berhad. KUALA LUMPUR: The High Court here has allowed the Securities Commission Malaysia (SC) an interim order to freeze about RM170 million assets of businessman Wong Shee Kai, who is currently still at-large, and two others for a statutory offence.
SC, in a statement today, said the order stems from the SC’s suit against the defendants in relation to securities fraud offences involving Bright Packaging Industry Berhad, under Section 179 of the Capital Markets and Services Act (CMSA).
The ex-parte order prohibits Wong, also known as Ricky Wong, his mother Teh Sew Wan, and a company owned by them, Wong SK Holdings Sdn Bhd, from dealing with assets and properties to the tune of RM169,223,500.
Wong, who holds a Datuk title, is said to be the CEO and founder of Asia Media, the largest transit-TV network in the country.
Businessman Wong Shee Kai. Judicial Commissioner Anand Ponnudurai also ordered that the three defendants must disclose a full, complete and accurate account of their assets within and outside Malaysia.
The order will bind all the defendants and also prohibit any person from knowingly assisting or permitting any dealings with the defendants’ assets and properties.
Lawyer Lim Chee Wee, who represented SC , also said the order also disallowed banks from exercising their right to set-off any facility they may have given to the defendants.
He said the SC filed the suit on Tuesday and obtained the ex-parte order on Friday.
The court further held that service of this order on all defendants is deemed valid as if it has been advertised in an English newspaper during the ongoing movement control order period.
Last month, the SC also sought public assistance to track down Wong, who is wanted in connection with offences under anti-money laundering laws.
The call was made after the SC had obtained a warrant of arrest, issued against Wong, from a magistrate in late December for failure to appear before the SC’s investigating officer.
@Alpha7 This is typical way to con retail investors to suck up the stocks when the sharks are gorenging it. They can think of any story under the sun just to hope investors to believe it.
Mark my words, asia media will be delisted soon. I don’t think the management is able to submit regularisation plan soon and Bursa will not approve it.
So existing shareholders are looking to exit. I heard Datuk Ricky Wong has sold his shares at high price to a group of suckers and this group of suckers is looking for another group of suckers going along.
I don’t think we as the general public will get con by your story ! Time will tell Alpha7 , I will be monitoring whether you are right or i am right
Brighterday, can I know which story of mine are you referring to?
There is no need for me to be right as I did not claim the company would turnaround and be profitable etc.
I merely shared a public news published by TheEdge which I think may be one of the reasons that the counter is attracting buying interests lately. I may be wrong, as the buyers could be buying due to other reasons, or even "gorenging it" like you said. Who knows?
Checking in on i3 on New Year's eve! Just like me! Haha...
Alpha7, it’s typical that a PN17 company will face at least one round of goreng or two before delisting .
It’s a trend where the PN17 first admission , the price will drop drop and drop until sharks collect enough and in collaboration with some major holders, the shark will push up the price with some “credible” story line such as borrowing the article from the edge which clearly has nothing to do with this counter. Then the sharks will unload their excess stocks and keep some for possible injection and regularisation play.
Well sell when everyone is buying, buy when everyone is selling. I will be selling this counter on this run up from 0.17 onwards. You will never catch the peak, neither you will catch the depth. Just sell on the way up and buy on the way down
Happy investing
May 2021 bring all the wealth to those invest smart
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abcb
3,049 posts
Posted by abcb > 2019-10-25 22:39 | Report Abuse
PN17
The share price will become single penny stock next Tuesday
Pls avoid to trade this counter carefully, don't get trap