KUALA LUMPUR (Nov 15): Earlier this week on Monday (Nov 11), the High Court formally dismissed the civil forfeiture of shares in Bright Packaging Industry Bhd owned by businessman Datuk Ricky Wong Shee Kai.
However, the court also granted the prosecution a stay of execution and ordered them to file a stay notice to the court by Nov 18.
This means that Wong will not be able to deal with any of Bright Packaging Industry’s shares until the stay of execution is disposed of.
Wong has been absent from the country since 2019, but his lawyers deny that he is a fugitive.
In a statement to the media on Friday, Messrs Shafee & Co said the High Court's decision to dismiss the prosecution’s application reaffirms the innocence of Ricky Wong and his company Wong SK Holdings Sdn Bhd. (WSKH) in these proceedings.
“The High Court's decision to dismiss the application not only reaffirms the innocence of Ricky Wong and WSKH, but also reaffirms the importance of thorough investigative practices.
“This outcome highlights our clients' unwavering commitment to justice and their determination to clear their names from unwarranted accusations,” the statement read.
The statement further stated that Wong and WSKH are also involved in other ongoing legal proceedings on related matters and remain hopeful that these cases will likewise conclude with positive outcomes.
“They have unwavering confidence that justice will prevail and are committed to fully exonerating themselves in all pending actions,” the statement said.
The Securities Commission (SC) had initiated the proceedings which alleged breaches under Section 179 of the Capital Markets and Services Act 2007 (CMSA).
Wong had allegedly contravened Section 179 of the Capital Markets and Services Act 2007 by using devices, schemes, or artifices to defraud Bright Packaging Industry and/or engaging in acts, practices or courses of business which operated as a fraud of the company.
The SC, through the deputy public prosecutor, had filed the criminal case in court against Wong and WKSH under Section 45 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), and sought to forfeit 5,792,000 shares in Bright Packaging Industry Berhad.
“Throughout the extensive investigations and legal process, these allegations remained unproven and were vigorously contested,” the statement read.
“They also wish to express their gratitude to their legal team, Datuk Baljit Singh Sidhu, Datuk Shukor Ahmad, Gupreet Kaur, Ivanpal Singh Grewal and Pang Li Wei (from Messrs Shukor Baljit and Partners), and all who stood by them during this challenging period,” said the statement.
The forfeiture suit against Wong was brought in 2021, where the SC sought to forfeit Wong’s private residence and said shares in Bright Packaging. Wong's residence, which is located near the Kuala Lumpur city centre, is said to be worth more than RM20 million.
Deputy public prosecutors Mohd Hafiz Mohd Yusoff, Mohd Izuddin Mohamad, Keith Loo Kit Ming and Quek Yiing Huey represented the SC.
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