KUALA LUMPUR (Jan 23): The High Court allowed the forfeiture of Ricky Wong Shee Kai’s luxury condominium unit at Four Seasons Place in Kuala Lumpur, as well as RM445,039.28 in the businessman’s personal fixed deposit account.
The property is owned by Havana Bayview Sdn Bhd, of which Wong is a director and substantial shareholder. The Securities Commission Malaysia (SC) conducted the forfeiture application on behalf of the public prosecutor, the regulator said in a statement.
Judge Datuk Azhar Abdul Hamid delivered the decision on Wednesday (Jan 22), but granted Havana and Wong a stay of execution on the decision, pending a formal stay application.
Wong has been absent from the country since 2019, and the SC has launched a manhunt for the former chief executive officer of Asia Media Group Bhd, now known as MMM Group Bhd (KL:MMM). His lawyers have denied that he is a fugitive.
The forfeiture application filed by the SC was related to proceeds raised by Bright Packaging Industry Bhd (KL:BRIGHT) through a series of corporate exercises — a rights issue, a private placement, and two rounds of employee share option schemes — between 2013 and 2014.
Investigation by the SC revealed that RM56.07 million were allegedly siphoned from Bright Packaging, of which a portion was used as part payment for the purchase of the condominium, and interest generated from part of the proceeds were also placed into Wong’s fixed deposit account.
The SC commenced the forfeiture application in May 2021, under Section 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001, following approval from the public prosecutor.
An attempt to seize Wong’s shares in Bright Packaging were dismissed in November 2024 by the court.
In the past, the SC has initiated other enforcement actions against Wong, including a civil suit in May 2020 against Wong, his mother Teh Sew Wan, and Wong SK Holdings Sdn Bhd, accusing him of securities fraud under Section 179 of the Capital Markets and Services Act 2007.