Islamic finance luminary Tan Sri Mohd Daud Bakar and two others plead not guilty to unlicensed securities trading.
PETALING JAYA: One of Malaysia’s most recognised figures in Islamic finance found himself in the dock at the Kuala Lumpur Sessions Court, as Tan Sri Mohd Daud Bakar — former chairman of Bank Negara Malaysia’s Syariah Advisory Council — was charged alongside two other individuals over alleged unlicensed securities trading activities.
All three accused entered pleas of not guilty.
According to New Straits Times, appearing before judge Norma Ismail, Mohd Daud faces a single charge of abetting unlicensed securities trading by acting as a representative of Energy Eco Bhd. Prosecutors allege he abetted AUF MBZ Consortium PLT in carrying out securities trading without holding a valid Capital Markets Services Licence. The alleged offence is said to have occurred in Rawang between June 14, 2021 and August 9, 2023.
The charge was framed under Subsection 58(1) of the Capital Markets and Services Act 2007 (CMSA), read together with Paragraph 370(c) and Subsection 367(1) of the same legislation. A conviction could result in a fine of up to RM10 million, imprisonment of up to 10 years, or both.
Deputy public prosecutor Shoba Venu Gobal acknowledged that the offence is non-bailable in nature but noted that the court retained discretion to grant bail. Defence counsel Mohd Haziq Razali sought a reduced bail amount, arguing that his client faced only a single charge. The court ultimately set bail at RM50,000, ordered the surrender of his passport, and directed him to report monthly to the Securities Commission headquarters.
Businessman Muhamad Iqbal Mohamad was charged with a similar offence, this time in his capacity as a director of QEW Group Bhd. He is accused of abetting AUF MBZ Consortium PLT in conducting securities trading without the requisite licence, with the alleged activity taking place near Seri Kembangan between September 3, 2021 and February 15, 2024.
Prosecuting officer Quek Yiing Huey sought bail of RM200,000, while defence counsel Nik Mohamed Ikhwan Nik Mahamud appealed for a lower amount, pointing out that his client supports approximately 30 employees and is not the principal offender in the matter. The court set bail at RM50,000, with matching conditions requiring passport surrender and monthly reporting to the Securities Commission.
The third accused, businessman Datuk Seri Mahadi Badrul Zaman — husband of well-known humanitarian activist and singer Nur Heliza Helmi — faced two separate charges before judge Azrul Darus, each involving the conduct of regulated activity without proper licensing.
In his capacity as a representative of AUF MBZ Consortium PLT, Mahadi is charged with trading in securities without a Capital Markets Services Licence at a location in Seri Kembangan. The first charge covers the period between June 14, 2021 and August 9, 2023, while the second pertains to September 3, 2021 through February 15, 2024. Both charges fall under Subsection 58(1) of the CMSA, read with Subsection 367(1), with penalties under Subsection 58(4) of the same Act — carrying the same maximum punishment of a RM10 million fine, 10 years imprisonment, or both.
Prosecuting officer Danial Imran Nasaruddin proposed bail of RM250,000. Defence counsel Mohd Zamri Mohd Idrus urged the court to consider minimum bail, citing his client’s role as the sole financial provider for his family. The court fixed bail at RM100,000 and ordered his passport surrendered for the duration of the case.
All three cases have been scheduled for mention on April 10.
The Sun Malaysia
