KUALA LUMPUR, Jan 10 — The Securities Commission Malaysia (SC) has today charged two individuals in the Kuala Lumpur sessions court with 11 offences of money laundering involving over RM119 million.

The two individuals are former Pixelvest Sdn Bhd director Ang Jen Chuen and former Infinity Trustee Bhd chief executive officer Syaiful Riezal Ahmad.

"They were charged with receiving proceeds of unlawful activity under section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities 2001 (AMLATFPUAA).

"Ang and Syaiful Riezal faced eight and three charges respectively,” the SC said in a statement.

The alleged money laundering offences took place between December 1, 2020 and January9, 2023 in Kuala Lumpur and Selangor.

Ang and Syaiful Riezal claimed trial to their respective charges. Sessions court judge Azrul Darus granted bail at RM8.01 million with two sureties to Ang and RM100,000 with one surety to Syaiful Riezal.

They were also ordered to surrender their passports to the court and to report to the SC on a monthly basis until the completion of the trial.

If convicted, they face imprisonment of up to 15 years and a fine of not less than five times the sum or value of the proceeds of the unlawful activities at the time the offence was committed or RM5 million, whichever is higher. — Bernama