Court Rejects Ricky Wong's Appeal, Upholds RM169.22 Million Asset Freeze

The Malaysian Court of Appeal has affirmed a High Court order to freeze assets totaling RM169.22 million belonging to businessman Datuk Ricky Wong Shee Kai, his mother Teh Sew Wan, and their company Wong SK Holdings Sdn. Bhd. A three-judge panel, led by Federal Court Judge Datuk Ravinthran N. Paramaguru, unanimously dismissed the appeal.

Delivering the decision via Zoom, Justice Leonard David Shim stated that the High Court had correctly exercised its discretion based on relevant legal principles. He confirmed the High Court's authority to issue interim and inter partes injunctions under Section 360 of the Capital Markets and Services Act 2007 (CMSA). This provision allows the court to prevent the appellants from disposing of or managing their assets while the case is pending.

The court found a prima facie case indicating that the three appellants jointly and severally violated Section 179 of the CMSA, illegally obtaining at least RM56 million in financial gains from fraudulent activities. Consequently, the court deemed it appropriate to grant the interim injunction under Section 360(2) of the CMSA.

Furthermore, the panel concluded that the Securities Commission Malaysia (SC) had a solid case and that there was a genuine risk of the assets being transferred or disposed of by the appellants. The ruling upholds the freezing of assets as a measure to secure potential recovery in the ongoing legal proceedings.

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Mahkamah mempunyai kuasa untuk mengeluarkan perintah injunksi interim dan inter parte (kedua belah pihak) di bawah Seksyen 360 Akta Pasaran Modal dan Perkhidmatan 2007 (CMSA).