KUALA LUMPUR (May 9): The Securities Commission Malaysia has finally managed to charge a man related to a securities fraud involving RM17.6 million in 2007, following his arrest on his return to Malaysia on Wednesday (May 8) after having evaded authorities for 15 years.

Danial Wong Jit Kiang has been charged at the Sessions Court here with abetting the late Toh Chun Toh Gordon in defrauding Multi-Code Electronics Industries (M) Bhd, according to the SC in a statement on Thursday.

Wong had been at large since 2009 despite numerous efforts made to locate him, with two warrants of arrest issued — one in 2009 and another in 2019.

Wong pleaded not guilty.

If convicted, Wong faces a minimum RM1 million fine and up to 10 years’ jail term for allegedly abetting Multi-Code’s former managing director, the late Gordon Toh Chun Toh, in defrauding the company in 2007.

In particular, Wong is accused of abetting Toh in using RM17.5 million owned by Multi-Code to finance the purchase of over 11 million Multi-Code shares by Ace Prelude Sdn Bhd.

The charges were filed under Section 122C(c), read together with Section 87A(b) of the Securities Industries Act 1983. The case was heard before Sessions Court judge Azrul Darus.

The court denied bail for the accused after the SC submitted that Wong is a flight risk, as he absconded the country previously when he was facing other criminal charges.

In 2009, the late Toh was charged for the principal offence under Section 87A(b) of the 1983 law. 

Toh was also among two former Multi-Code directors found guilty of criminal breach of trust involving RM26 million of Multi-Code funds under Section 409 of the Penal Code. He, however, passed away before his appeal was heard by the High Court.

For the offence, Toh was sentenced to 12 years’ jail and a fine of RM1 million by the Sessions Court. The other ex-director, Datuk Abul Hassan Mohamed Rashid, received a six-year jail term in the trial that saw 31 prosecution witnesses.

Wong was arrested at the Kuala Lumpur International Airport Terminal 2, or KLIA Terminal 2 (then known as klia2), upon his return from Singapore, which the SC said was made possible with the assistance of the International Criminal Police Organisation, the Singapore Police Force’s Commercial Affairs Department and the Malaysia Airports Aviation Security.

“The outcome today underscored the importance of international cooperation and collaboration between the SC and international law enforcement agencies in ensuring perpetrators of securities laws are brought to face the law,” the SC added.