SC Charges Directors Related To Pixalvest Illegal Trading Activities

The Securities Commission Malaysia today charged three individuals with four offences relating to unlicensed capital market activities.

They were Chin Wai Lan (Sophia Chin) and Ang Jen Chuen (Dexter Ang) who were charged for one offence respectively for violating the Capital Markets and Services Act 2007. They were each charged for Pixelvest Sdn Bhd’s (Pixelvest) act of carrying on a business in fund management without a licence in their respective capacities as director and former
director of Pixelvest.

Separately, the a third person Syaiful Riezal Ahmad (Syaiful) was also charged for committing two offences under the same act as the former Chief Executive Officer (CEO) of Infinity Trustee Berhad (ITB). The charges related to ITB’s act of transferring funds amounting to RM116,292,904.15 through two accounts to Pixelvest in furtherance of the offence committed by Pixelvest.

Between December 2020 and August 2022, the alleged acts occurred in Petaling Jaya, Selangor. If convicted, they each face a maximum fine of RM10 million or imprisonment for a term not exceeding 10 years, or both. Fund management is a regulated activity as set out in Schedule 2 of the CMSA and any person carrying out this activity is required to be licensed by the SC.

All three claimed trial to the charges with judge granting bail at RM10,000 with one surety to Dexter Ang while against Syaiful Riezal, the judge granted bail at RM100,000 with two sureties.

The three individuals were previously charged by the SC on 10 and 11 January 2024 with charges of receiving proceeds of unlawful activity under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001.

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