Islamic finance figure Mohd Daud charged over unlicenced securities dealings
The former chairman of the Shariah Advisory Council of Bank Negara Malaysia, pleaded not guilty after the charge.
KUALA LUMPUR - Islamic finance figure Tan Sri Dr Mohd Daud Bakar was charged in the Sessions Court here today with abetting unlicensed securities dealing.
Mohd Daud, 62, who is also the former chairman of the Shariah Advisory Council (SAC) of Bank Negara Malaysia, pleaded not guilty after the charge was read before Judge Norma Ismail.
"Understood, I claim trial," he said calmly.
According to the charge, Mohd Daud, acting as a representative of Energy Eco Berhad, is alleged to have abetted AUF MBZ Consortium PLT in carrying out a regulated activity, namely dealing in securities, despite the company not holding a Capital Markets Services Licence and not being a registered person for such activity.
The offence is alleged to have been committed between June 14, 2021, and Aug 9, 2023, at C6-1, Jalan Reef 1/2, Pusat Perniagaan Reef, Rawang, in Selangor.
The charge was framed under Subsection 58(1) of the Capital Markets and Services Act 2007 (Act 671), read together with Paragraph 370(c) and Subsection 367(1) of the same Act, which is punishable with a fine of up to RM10 million, imprisonment of up to 10 years, or both.
Earlier, Securities Commission (SC) Malaysia deputy public prosecutor Shoba Venu Gobal proposed bail of RM200,000 with two sureties, along with additional conditions requiring the accused to report monthly to the nearest SC office and to surrender his passport to the court until the case is concluded.
"This is a serious offence involving abetment. The accused was a representative of Energy Eco Berhad at the material time," she said.
Mohd Daud's lawyer, Mohd Haziq Razali, requested that bail be reduced to RM50,000 and said he did not object to the additional conditions, noting that his client had cooperated fully with investigators since 2024.
The court allowed the accused to be released on bail of RM50,000 with one surety, subject to the additional conditions sought by the prosecution, and fixed April 10 for case mention. - BERNAMA
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