Appellate court upholds RM169.2m asset freeze against Ricky Wong, mother and company

Thursday 17 Sep 2026

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PUTRAJAYA (Aug 10): The Court of Appeal upheld a 2022 High Court order preventing Ricky Wong Shee Kai, his mother Teh Sew Wan, and their company Wong SK Holdings Sdn Bhd from dealing with assets worth about RM169.2 million.

The court also rejected their bid to overturn an earlier injunction granted in May 2020 and ordered them to pay RM200,000 in costs to the Securities Commission Malaysia (SC).

The asset freeze is linked to the SC’s civil suit over alleged securities fraud involving Bright Packaging Industry Bhd (KL:BRIGHT).

In a unanimous decision, a three-member panel led by judge Datuk Leonard David Shim said the High Court had properly exercised its discretion in preventing the three appellants from disposing of their assets following allegations of market misconduct under the Capital Markets and Services Act (CMSA).

Shim was flanked by panel chair Federal Court judge Datuk Ravinthran Paramaguru, alongside Court of Appeal judge Datuk Dr Choo Kah Sing.

“An appellate court will not interfere with the discretion exercised by a lower court unless it is clearly satisfied that the discretion has been exercised on a wrong principle and should have been exercised in a contrary way or that there has been a miscarriage of justice,” he said.

In the civil suit, the SC alleges that the defendants devised a “scheme” to defraud Bright Packaging Industry, also known as BPI, resulting in the company losing about RM56 million.

The SC said BPI raised about RM68 million through three capital-raising exercises between 2013 and 2015. The funds were intended to pay suppliers and upgrade the company’s factory lines.

However, the SC alleges that about RM56 million of the funds was siphoned off to entities linked to the appellants.

In the judgement, judge Shim noted that “Section 179 A and B of the CMSA lays down a requirement that a person must not commit market misconduct such as perpetrating fraud or scheme or devices to defraud investors”.

Shim noted that the appellants had orchestrated a complex scheme to siphon funds from BPI, stating that proceeds from three corporate exercises intended for BPI's working capital “were paid out by BPI to various nominee companies of the appellants based on fictitious transactions”.

“The circumstances in which the alleged fraudulent scheme was perpetrated against BPI involving the layering of corporate entities, fake invoicing, transfer of proceeds from BPI to the various nominee companies controlled by Ricky Wong and eventually into the bank account of Ricky Wong and Wong SK holdings shows that there is a prima facie case of breach of Section 179 of the CMSA and it is reasonably likely that the appellant may dispose of the said assets,” he said.

Shim highlighted that the appellants made "unlawful pecuniary gains of at least RM56 million from the fraud".

He also surmised that Wong’s mother Teh had co-signed 71 cheques and payment vouchers payable to various nominee companies.

Although she claimed not to have personally benefitted, the court found that she benefitted indirectly as a shareholder of entities that received the siphoned funds. This included RM3.5 million used to buy a luxury property at Four Seasons Place.

Datuk Lim Chee Wee seen at the court's vicinity on Monday. (Photo by Sam Fong/The Edge)

Tan Sri Muhammad Shafee Abdullah (right) seen at the court's vicinity on Monday. (Photo by Sam Fong/The Edge)

“It is undisputed that Madam Teh (Sew Wan) co-signed 71 cheques and payment vouchers payable to the various nominee companies, and the proceeds of the corporate exercise flowed into the bank accounts of Ricky Wong and Wong SK Holdings,” he said.

The panel also dismissed the appellants’ contention that the SC had failed to disclose the revocation of earlier freezing and seizure orders, saying the revocation had been disclosed in the SC’s affidavit, written submissions and the revocation order exhibited before the High Court.

“Based on the aforesaid reasons, it is our unanimous decision that the learned High Court judge exercised his discretion based on correct principles, and appellate interference is not warranted. Hence, the decision of the High Court is affirmed, and the appeals herein are dismissed with costs,” said the judge.

The main trial for this suit is currently ongoing.

In a statement after the decision, the SC said Ricky Wong, who remains at large, is also wanted for criminal charges under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA) and CMSA.

The SC was represented by Mohd Hafiz Mohd Yusoff and Loo Kit Ming Keith, alongside SC’s appointed external counsel Datuk Lim Chee Wee and Kwan Will Sen from Messrs Lim Chee Wee Partnership. Ricky Wong and WSK Holdings Sdn Bhd were represented by Tan Sri Muhammad Shafee Abdullah from Messrs Shafee & Co, while Teh was represented by Tan Sri Cecil WM Abraham from Messrs Cecil Abraham & Partners.

Edited ByPresenna Nambiar

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