The Court of Appeal has upheld a High Court ruling ordering a Singaporean businessman to repay about RM28 million to 122 Malaysian investors after finding that he fraudulently induced them to invest in unlicensed investment schemes.
A three-member bench comprising Justices Zaini Mazlan, Leonard David Shim and Aliza Sulaiman unanimously dismissed both the businessman’s appeal and the investors’ cross-appeal, finding no reason to interfere with the trial judge’s ruling after a lengthy trial.
Zaini said the evidence showed that the defendant, Chan Cheh Shin, actively promoted the investment schemes through seminars and roadshows, and made representations on investment opportunities rather than merely disposing of his personal shareholdings, as he had claimed.
The bench agreed with the High Court that Chan’s conduct fell within regulated investment activities under the Capital Markets and Services Act 2007, and that his representations had induced the plaintiffs to invest.
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