00:01A prominent figure in Malaysia's Islamic finance world has been charged in court,
00:07in a case that also saw two other individuals face similar allegations over unlicensed securities trading.
00:14Tanshri Dr. Mohamed Daud Bakar was charged on Monday with abetment,
00:19specifically for allegedly assisting a company called AUFMBZ Consortium
00:24to carry out securities activities without a valid license or registration under the Capital Market Services license.
00:31The 62-year-old, who was acting as a representative of Energy Eco Berhad at the time,
00:37allegedly committed the offence at premises in Pusat Perniagan Reef in Rawang between June 2021 and August 2023.
00:46He pleaded not guilty before Sessions Court Judge Norma Ismail.
00:50The charge falls under Section 58, Subsection 1 of the Capital Markets and Services Act 2007,
00:57an offence that carries a maximum penalty of a 10 million ringgit fine, up to 10 years in prison, or
01:04both.
01:04While the Securities Commission noted it was technically a non-bailable offence,
01:09the court exercised its discretion and allowed bail of 50,000 ringgit in one surety.
01:14Also charged on Monday was Datuk Seri Mahadi Badrul Zaman, the founder of AUFMBZ Consortium itself.
01:23The 43-year-old faced two counts of illegal securities trading without a license,
01:28allegedly carried out at a property in Sunway South Quay, Subang Jaya, between June 2021 and February 2024.
01:36He too pleaded not guilty.
01:38His lawyer made an unusual appeal to the court, arguing that if his client was sent to prison,
01:44his long beard would likely be cut, and that this would, quote, impact him.
01:48The court was also told that Mahadi is supporting his cancer-stricken mother and in-laws.
01:53He was granted bail of 50,000 ringgit from each court, totaling 100,000 ringgit.
01:59A third man, 47-year-old Mohamed Iqbal Mohamed, a director of QEW Group Berhad,
02:06was also charged with a betting AUFMBZ in the same illegal trading scheme,
02:11allegedly between September 2021 and February 2024, at premises in Seri Kambangan.
02:19His lawyer argued for a reduced bail, noting that his client supports 30 members of staff
02:25and was not the principal offender.
02:27The court set bail at 50,000 ringgit.
02:30All three cases have been fixed for mention on April 10th.
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