BRIGHT PACKAGING INDUSTRY BHD
KLSE (MYR): BRIGHT (9938)
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Securities Commission to freeze RM170 mil assets of Asia Media founder
FMT Reporters -May 10, 2020 3:41 PM
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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.
2020-08-13 10:17
the only good point is still got almost 50mil cash. If im the boss I will privatised it
2020-10-30 09:27
dompeilee Bought back the Bright I SOLD from 27c to 55c in Nov '19 - Jan '20....@ 20c
01/07/2020 2:30 PM
Finally moves after such a long time...lol
2020-11-24 15:50
JR, somehow the present set of thoroughly very incompetent, very inafficient management people need to go ,otherwise 10 -30 years also cant boom. haha
2022-01-02 09:50
Most money kena stolen by Ricky and there will still be his people in the company? Any comment?
https://www.theedgemarkets.com/article/sc-show-how-ricky-wong-siphoned-over-rm50m-bright-packaging-industry-rights-issue-private
Posted by SNbright > Jan 2, 2022 9:50 AM | Report Abuse
JR, somehow the present set of thoroughly very incompetent, very inafficient management people need to go ,otherwise 10 -30 years also cant boom. haha
2022-01-02 10:19
They will be severely punished by the authority sooner or later for their very dishonest done.
2022-01-02 11:13
U see my woodland page,last time as to buy everyone rm 5k-10k so may time write ,some follow.Buy this stock using rm 10k.if early boom at least 50 percent sell.
2022-01-27 16:58
I say buy bright rm 5k 25 cents
each.material price reduce and demand increase as more and more people need bright products.
2022-06-27 15:49
I think Bright Packaging business is very similar to that of New Toyo. I thought New Toyo was challenging but Bright seems worst from a comparative ROE for the past few years. If you want to know more about New Toyo go to https://www.moomoo.com/community/feed/110845519265798?global_content=%7B%22promote_id%22%3A14079%2C%22sub_promote_id%22%3A25%7D
2023-08-21 10:29
dompeilee
Bought more Bright @ 23c this morning
2021-07-26 10:13
SOLD 1/3 @ 26-26.5c ! 🤗944th day of profit in a row after Kerry Properties yesterday![ Bought HK$14.98, SOLD 1/2 @ HK$15.76] 😘
2024-05-23 14:51
To answer someone's question about BRIGHT vs PPHB - for your reading pleasure.
https://klse.i3investor.com/web/blog/detail/DividendGuy67/2024-07-28-story-h-155952537-BRIGHT_do_you_trust_the_Net_Cash_in_this_company
2024-07-28 19:36
Bright packaging is a junk company run by the incompetent management team, we need a good adminstrator there to restructure the company or we proposed to close down the company business,
2 months ago
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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