The Court of Appeal has dismissed an appeal by fugitive businessman Datuk Wong Shee Kai, commonly known as Ricky Wong, alongside Teh Sew Wan and Wong SK Holdings Sdn Bhd, to lift a High Court injunction freezing up to RM169.2 million of their assets.
In a decision delivered today, a three-member appellate bench comprising Justices Datuk Ravinthran N. Paramaguru, Dato’ Dr. Choo Kah Sing, and Datuk Leonard David Shim unanimously affirmed the High Court’s ruling in favor of the Securities Commission Malaysia. The Court of Appeal also dismissed the appellants’ attempt to set aside an earlier ex parte injunction order granted on May 8, 2020, and ordered the appellants to pay RM200,000 in legal costs to the regulator.
The appellate decision leaves fully intact the inter partes Injunction Order granted by the High Court on April 28, 2022. This order freezes the appellants’ global assets and properties valued up to RM169.2 million pending the final determination of a civil suit filed by the Securities Commission. Furthermore, the injunction strictly prohibits any individual or entity from knowingly assisting or facilitating any dealings involving the frozen assets.
The substantive civil action was initiated by the regulator in 2020 over alleged securities fraud contraventions under Section 179 of the Capital Markets and Services Act 2007 involving Bright Packaging Industry Berhad. Trial proceedings are currently ongoing at the Kuala Lumpur High Court and are scheduled to resume on September 1, 2026.
Ricky Wong, who remains at large, continues to be wanted by Malaysian authorities for criminal charges under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 as well as separate offenses under the Capital Markets and Services Act 2007.
