Director Fined RM2.25 Million and Jail For ‘Failure To Appear’ Issued By SC

Securities Commission Malaysia (SC) is a statutory body set up to regulate and develop the Malaysian Capital Market.

A company director was fined RM2.25 million for failing to appear before a Securities Commission investigating officer for examination relating to a money laundering investigation.

The regulator secured a conviction against Amirruddin Nin for three offences under Section 32(8)(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613). Amirruddin is a director of CTB Solutions Sdn Bhd, which specialises in providing flexible integrated GPS fleet management solutions for various industries.

The offences, were committed between 15 June 2017 and 18 February 2020.

The Kuala Lumpur Sessions Court sentenced Amirruddin, 52, to a fine of RM100,000 and one-day imprisonment for each of the three charges, with the jail terms to be served concurrently. The judge also found Amirruddin guilty of continuously failing to comply with the orders to appear for examination issued by the SC for a span of 979 days. He has been ordered to pay a daily fine of RM2,000, resulting in a total fine of RM1,958,000. The total fine imposed against him from all the convictions amount to RM2,258,000.

Failure to comply with a written notice issued by an investigating officer of the SC is a punishable offence under securities laws, as this will hinder the SC’s discharge of its investigation and enforcement functions which are crucial in maintaining the integrity of the capital market.

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