The High Court dismissed appeals by two individuals against their one-year jail sentences and RM1 million fines for unlicensed capital market activities.
KUALA LUMPUR: The High Court today dismissed the appeals of two individuals against their convictions and sentences for conducting unlicensed capital market activities.
Justice Datuk Mohd Arief Emran Arifin upheld the one-year jail term and RM1 million fine imposed on each appellant by the Sessions Court in 2022.
He ruled there were no errors of law or fact in the lower court’s decision and that the convictions were safe.
The judge further agreed that the sentences were not manifestly excessive to warrant appellate interference.
However, the court granted a stay of execution pending the appellants’ final appeal to the Court of Appeal.
Su Eng Kooi and Yap Choong Seong were first charged at the Sessions Court on July 5, 2017.
They faced two charges each under Section 58(1) of the Capital Markets and Services Act 2007.
The charges related to Jalatama Management Sdn Bhd carrying on a business of trading in futures contracts and dealing in derivatives without a licence.
The appellants were officers of Jalatama at the material time and were deemed to have committed the offences between July 2011 and September 2013.
Following a full trial, both were found guilty and convicted by the Sessions Court on Dec 12, 2022.
They were each sentenced to one year’s imprisonment and fined RM1 million, with a further one-year jail term in default of payment.
In a statement, the Securities Commission Malaysia viewed the judgment positively.
It reiterated that dealing in derivatives is a regulated activity requiring a licence from the SC under the Capital Markets and Services Act 2007.
SC Deputy Public Prosecutor Annarina Chacko Jacob and prosecuting officers Mohd Shafiq Azman, Mark Rohan Mahadevan and Danial Imran Nasaruddin represented the Commission.
