KUALA LUMPUR, Feb 23 — Islamic finance figure Tan Sri Mohd Daud Bakar was charged in the Sessions Court today with abetting unlicensed securities dealing.
The 62-year-old, who is also the former chairman of Bank Negara Malaysia's Shariah Advisory Council (SAC), pleaded not guilty after the charge was read before Judge Norma Ismail.
“Understood, I claim trial,” he said calmly.
According to the charge, 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 August 9, 2023, at C6-1, Jalan Reef 1/2, Pusat Perniagaan Reef in Rawang, 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, the 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.
Daud’s lawyer Mohd Haziq Razali requested that bail be reduced to RM50,000 and said he did not object to the additional conditions, as 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.
Meanwhile, in separate Sessions Courts, entrepreneur Datuk Mahadi Badrul Zaman, 43, pleaded not guilty to two charges of conducting a securities business without a valid licence, before Judges Norma and Azrul Darus.
The husband of celebrity Datin Heliza Helmi was accused of operating a securities business as a representative of AUF MBZ Consortium PLT, despite the company not holding a Capital Markets Services Licence or being registered to conduct the controlled activity.
The alleged offences took place at a villa in Sunway South Quay, Subang Jaya, between September 3, 2021, and February 15, 2024.
The charges were framed under Subsection 58(1) of Act 671, which carries a maximum fine of RM10 million, up to 10 years’ imprisonment, or both upon conviction.
SC prosecutor Danial Imran Nasaruddin proposed bail of RM250,000 with two sureties for the accused, subject to reporting monthly to the SC office and surrendering his passport, citing the seriousness of the offences.
His lawyer Datuk Mohd Zamri Mohd Idrus requested a reduction, noting his client posed no flight risk and had family obligations.
Judges Azrul and Norma approved bail of RM50,000 per charge, with one surety, subject to the prosecution’s conditions.
Separately, QEW Group Berhad director Muhamad Iqbal Mohamad, 47, was charged with abetting AUF MBZ under Subsection 58(1) of Act 671, carrying similar penalties.
He pleaded not guilty and was granted RM50,000 bail with one surety, required to report monthly to the SC office and surrender his passport.
The court fixed April 10 for the next case mention.
