Mahadi, Company Director Trial Set For March 2027 Over Unlicensed Securities Trading

KUALA LUMPUR, June 12 (Bernama) -- The trial of businessman Datuk Mahadi Badrul Zaman, his company, and a company director, who face charges of conducting an unlicensed securities business, has been scheduled to run for 17 days starting on March 29, 2027, at the Sessions Court here.

Judge Mohd Kafli Che Ali fixed the trial dates for March 29 to 31, April 19 to 21, April 26 and 27, May 10 to 12, June 14 to 16, and July 12 to 14, 2027, following agreement from both the prosecution and the defence.

Mahadi, 43, allegedly acted as a representative of AUF MBZ to conduct a securities business despite the company not holding a Capital Markets Services Licence and being unregistered to carry out the regulated activity, at a villa in Sunway South Quay, Subang Jaya, between Sept 3, 2021 and Feb 15, 2024.

AUF MBZ, represented by Mahadi, is accused of dealing in a regulated activity of trading in securities despite the company not holding a Capital Markets Services Licence and being unregistered for such regulated trading activities, at the same location and on the same dates.

Meanwhile, QEW Group Berhad company director Muhamad Iqbal Mohamad, 47, is accused of abetting AUF MBZ in committing the offence at a premise in Taman Pinggiran Putra, Seri Kembangan, on the same date.

The charge was framed under Subsection 58(1) of the Capital Markets and Services Act 2007 (Act 671) and is punishable under Subsection 58(4) of the same Act, which carries a maximum penalty of 10 years in prison, a fine of up to RM10 million, or both, upon conviction.

Earlier, Securities Commission Deputy Public Prosecutor K. Mageswary said the prosecution requested that the three cases be tried jointly under Section 170 of the Criminal Procedure Code as they involved the same transactions, a matter agreed to by the defence.

“The prosecution expects to call 25 witnesses. We have handed over several volumes of documents to the defence, and the remainder will be served in the near future,” she said.

Also present at the proceedings were lawyer Datuk Mohd Zamri Mohd Idrus representing Mahadi and the company AUF MBZ Consortium PLT, while lawyers Nik Mohamed Ikhwan Nik Mohamud and Dhia Syazwani Izyan Mohd Akhir appeared on behalf of Muhamad Iqbal.

-- BERNAMA