00:00The Court of Appeal has ordered Singaporean businessman Chan Chiexin to refund about 28 million ringgit to 122 Malaysian investors
00:09he defrauded 10 years ago.
00:11A three-member bench unanimously dismissed both Chan's appeal and the investors' cross-appeal for prejudgment interests.
00:19The court found that Chan had actively promoted unlicensed investment schemes through seminars and roadshows.
00:26It rejected his claim that he was merely selling his personal shareholdings.
00:31In its judgment, the three-member bench ruled that Chan's operations were regulated activities under the Capital Markets and Services
00:39Act 2007.
00:41They also found that his representations had induced the investors to put money into the schemes.
00:47Chan had argued that the investors failed to properly plead fraud,
00:51but the court ruled that the issue had been fully examined during the trial and that he had suffered no
00:57prejudice.
00:58Beginning 2016, Chan promoted several investment schemes through Malaysian and Singapore-based companies,
01:05promising investors lucrative returns and assuring them that any losses would be covered.
01:10When the returns failed to materialize, the investors sued and won.
01:15The appeal was heard by Justices Zaini Mazlan, Leonard David Shim and Aliza Sulaiman.
01:21Anujo, FMT.
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