A former director of a private company was sentenced to five years’ jail for 12 charges involving unlicensed fund management and money laundering
KUALA LUMPUR: The Sessions Court here today sentenced a former director of a private company to five years’ imprisonment after finding him guilty of 12 charges involving unlicensed fund management activities and money laundering.
In a statement, the Securities Commission Malaysia (SC) said Judge Hamidah Mohamed Deril imposed the sentence on Muhamad Fadzli Jamaludin, the former director of Kyaputen Sdn Bhd, after ruling that he had failed to raise a reasonable doubt in the prosecution’s case.
The court sentenced Muhamad Fadzli to five years’ imprisonment for each of the 12 charges and ordered that the sentences run concurrently.
Muhamad Fadzli was initially charged by the SC on Nov 9, 2023, with three charges under Section 58(1) of the Capital Markets and Services Act 2007 (CMSA) for holding himself out as carrying on a business in fund management without a licence.
Subsequently, on Nov 29, 2023, he was slapped with a further nine charges under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA) for money laundering.
Both cases were jointly tried, during which the prosecution called 23 witnesses, including six victims who collectively suffered losses amounting to RM1.263 million.
The offences were committed between August 2018 and April 2020 in Kuala Lumpur and Melaka.
After the court called for his defence, Muhamad Fadzli elected to testify under oath and did not call any other witnesses in support of his case.
A person convicted under Section 58(1) of the CMSA is liable to a fine not exceeding RM10 million, imprisonment for a term not exceeding 10 years, or both.
For the money laundering offences, the law provides for a maximum imprisonment term of 15 years and a fine of not less than five times the value of the proceeds of the unlawful activity or RM5 million, whichever is higher.
The SC was represented by deputy public prosecutor Mageswary Karroppiah and prosecuting officers Low Wen Zhen, Jonathan Chin Ter Yang and Mark Rohan Mahadevan, while Muhamad Fadzli was represented by counsel Puvarasan Balaiyah.
