SC charges unlicensed fund manager, tip off from public led to his arrest

SC charges unlicensed fund manager, tip off from public led to his arrest

KUALA LUMPUR: The Securities Commission Malaysia (SC) has charged UAS Bistari Management Sdn Bhd former director Uzir Abdul Samad, 49, at the Johor Bahru Sessions Court for three alleged offences related to unlicensed capital market activities.

“Uzir was charged for holding himself out as a fund manager when he is not licensed by the SC to carry out the regulated activity of fund management.

“This is an offence under Section 58(1) of the Capital Markets and Services Act 2007 (CMSA), which carries a maximum fine of RM10 million or imprisonment up to 10 years or both (if convicted),” the regulator said in a statement today.

The SC said Uzir, who has been at large since 2016, was arrested at his home in Selangor yesterday following a tip off from the public. The SC had listed Uzir as a wanted person since 2016 after obtaining a warrant of arrest against him.

In addition, the accused was also charged for two alleged offences under section 362(3) of the CMSA for using the titles of Fund Manager and Securities Commission Capital Market Services Representative’s Licence holder, tending to create the belief that he was licensed to carry on the business of fund management.

These offences carry a maximum fine of RM1 million or imprisonment term not exceeding five years or both, for each offence, if convicted.

Johor Bahru Sessions Court judge Tuan Aizatul Akmal Maharani agreed with the prosecution’s submission that Uzir is a flight risk, and denied his bail pending trial to all three charges.

The accused pleaded not guilty to all three charges and the next mention date is scheduled for April 14, 2021.

Since bail was denied and he will be in remand, the SC added. — Bernama