Man charged with defrauding Proton cooperative over RM350,000 investments

KOPRO is a cooperative society established for the employees of Proton Holdings Bhd.  — Reuters pic
KOPRO is a cooperative society established for the employees of Proton Holdings Bhd. — Reuters pic

KUALA LUMPUR, Jan 16 — The Securities Commission Malaysia (SC) today charged a man with defrauding a Proton cooperative of its investments of RM350,000.

The fraud of Koperasi Pelaburan Pekerja-Pekerja Proton Bhd (KOPRO) allegedly related to the purchase of securities between August 2007 and November 2008.

Ismail Basir, 67, was also alleged to have represented to KOPRO that he was a remisier, when in fact he was never licensed by the SC.

KOPRO is a cooperative society established for the employees of Proton Holdings Bhd.

“Ismail was brought to the Kuala Lumpur Sessions Court this morning to face securities fraud charges under Section 87A(b) of the Securities Industry Act 1983 (SIA) and Section 179(b) of the Capital Markets & Services Act 2007 (CMSA).

“The offences each carry a penalty of an imprisonment term not more than 10 years and a fine not less than RM1 million,” said SC.

Both Section 87A of the SIA and Section 179 of the CMSA prohibit fraud in connection to the purchase or sale of any securities.

Ismail, who was unrepresented, pleaded not guilty and claimed trial today.

Sessions Court Judge Azman Ahmad fixed bail at RM50,000 with one surety and instructed the accused to report to the SC Investigating Officer every first week of the month until the completion of the trial. 

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