Islamic finance figure charged in trading case

Unlicenced Securities Activities News

Islamic finance figure charged in trading case
AUF MBZ Consortium PLTCapital Markets And Services Act 2007

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The 62-year-old, who previously sat on the Syariah Advisory Board at Bank Negara, pleaded not guilty after the charge was read out to him before Sessions Court judge Norma Ismail here yesterday. According to the charge sheet, Mohd Daud, as a representative of Energy Eco Bhd, abetted AUF MBZ Consortium PLT in securities activities despite it not having a licence or registration under the Capital Markets Servi­ces Licence.

He allegedly committed the offence at a premises in Pusat Perniagaan Reef in Rawang bet­ween June 14, 2021, and Aug 9, 2023. The charge under Subsection 58 of the Capital Markets and Services Act 2007 ­carries a maximum fine of RM10mil, up to 10 years in jail or both, upon conviction. Deputy public pro­secutor Shoba Venu Gobal of the Secu­rities Commission said Mohd Daud was charged with a non- bailable offence but the court has discretion on the matter, and proposed a RM200,000 bail. Lawyer Mohd Haziq Razali said his client only faced one charge and bail should not be excessive or punitive as it was only to secure attendance.Meanwhile, AUF MBZ founder Datuk Seri Mahadi Badrul Zaman, 43, was slapped with two counts of illegal securities trading without a licence under Subsection 58 of the Capital Markets and Services Act 2007.Mahadi allegedly committed the offen­ces at a house in Bay­rocks Garden Water­front Villa, Sunway South Quay in Subang Jaya between June 14, 2021, and Feb 15, 2024. Securities Commission prosecuting officer Danial Imran Nasa­ruddin urged the court to consider public interest and inves­tor confidence in the secu­rities market before allowing bail, proposing RM500,000 for both cases. Lawyer Datuk Mohd Zamri Mohd Idrus told the court that his client had cooperated during the investigation and did not pose a flight risk.Mahadi was granted a RM100,000 bail from both courts. A third figure in the case, businessman Muhamad Iqbal Moha­mad, was also charged in the same court for abetting AUF MBZ in illegal securities trading in his capacity as director of QEW Group Bhd. The 47-year-old is accused of committing the offence at a pre­mises in Putra Walk, Taman Ping­giran Putra, Seri Kembangan, between Sept 3, 2021, and Feb 15, 2024.Lawyer Nik Mohamed Ikhwan Nik Mahamud sought a lower amount, saying his client needs to support 30 staff members and is not the principal offender.Follow us on our official

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AUF MBZ Consortium PLT Capital Markets And Services Act 2007

 

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Islamic Finance Figure Charged in Unlicensed Securities Trading CaseIslamic Finance Figure Charged in Unlicensed Securities Trading CaseTan Sri Dr Mohd Daud Bakar, a prominent figure in Islamic finance, faces charges of abetment in unlicensed securities trading. The case involves Energy Eco Bhd and AUF MBZ Consortium PLT, with others also charged.
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Islamic Finance Figure Charged with Abetting Unlicensed Securities TradingIslamic Finance Figure Charged with Abetting Unlicensed Securities TradingTan Sri Dr Mohd Daud Bakar, a well-known figure in Islamic finance and former Bank Negara Malaysia advisor, has been charged with abetting unlicensed securities trading. He pleaded not guilty and bail was set at RM50,000.
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