Securities Commission Malaysia charges individual in scheme to defraud Proton Cooperative

The Securities Commission Malaysia (SC) informed that it has today charged a 67-year-old man for defrauding Koperasi Pelaburan Pekerja-Pekerja Proton Bhd (KOPRO) of its investments of RM350,000 for the purchase of securities between August 2007 and November 2008.

Ismail Basir was also alleged to have represented to KOPRO that he was a remisier, when in fact he was never licensed by the SC. KOPRO is a cooperative society established for the employees of Proton Holdings Bhd.

Ismail was brought to the Kuala Lumpur Sessions Court this morning to face securities fraud charges under section 87A(b) of the Securities Industry Act 1983 (SIA) and section 179(b) of the Capital Markets & Services Act 2007 (CMSA). The offences each carry a penalty of an imprisonment term not more than 10 years and a fine not less than RM1 million.

Ismail, who was unrepresented, pleaded not guilty and claimed trial today. Sessions Court Judge Azman Ahmad fixed bail at RM50,000 with one surety and for the accused to report to the SC Investigating Officer every first week of the month until the completion of the trial.

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