KUALA LUMPUR: The High Court has dismissed a forfeiture notice filed by the Securities Commission (SC) against businessman Ricky Wong Shee Kai and his company Wong SK Holdings Sdn Bhd (WSKH).
The SC sought to forfeit 5,792,000 shares in Bright Packaging Industry Bhd (BPI) owned by Wong following investigations by the commission which alleged breaches under Section 179 of the Capital Markets and Services Act 2007.
Law firm Shafee & Co., who issued the statement on behalf of the businessman, said the verdict delivered on Nov 11 not only reaffirms the innocence of their client and WSKH but also underscores the importance of thorough investigative practices.
"It was asserted that Wong and WSKH had procured the shares as proceeds from unlawful activities related to BPI.
"Throughout the extensive investigations and legal process, these allegations remained unproven and were vigorously contested.
"This outcome highlights our clients' unwavering commitment to justice and their determination to clear their names from unwarranted accusations.
"Wong and WSKH are also involved in other ongoing legal proceedings on related matters and remain hopeful that these cases will likewise conclude with positive outcomes," said the statement.
The statement said Wong and WSKH have unwavering confidence that justice will prevail and are committed to fully exonerating themselves in all pending actions.
"They also wish to express their sincere gratitude to their legal team, Datuk Baljit Singh Sidhu, Shukor Ahmad, Gupreet Kaur, Ivanpal Singh Grewal and Pang Li Wei, and all who stood by them during this challenging period," it added.