KUALA LUMPUR, Nov 13 — The Securities Commission (SC) has entered into the largest settlement in its history involving some RM31 million, said SC Chairman Tan Sri Zarinah Anwar.
She said the milestone payout, made possible following a consent judgment entered with two Swisscash investment scam defendants, will be used to reimburse eligible investors who suffered losses from the scam.
The judgment, entered against Albert Lee Kee Sien and Amir Hassan, marked the culmination of three years of intensive efforts by the SC in pursuing the perpetrators of the Swisscash scam involving cross-border investigations, spanning seven countries and cooperation from foreign regulators, she said.
The judgment against Lee and Kevin Choo Mun Hoe and Dynamic Revolution Sdn Bhd ordered them to pay US$83 million (RM282 million) being an estimate of total investments in the scam. So far, some 3,000 people have lodged reports with the SC, alleging losses in the scheme, she said.
The restitution will be carried out based on a court-approved distribution, she added. — Bernama
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