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Court of Appeal Upholds RM169 Million Asset Freeze Against Fugitive Ricky Wong in Securities Commission Fraud Suit

By Bernard Lee3 min read

Kuala Lumpur, 10 August 2026 – The Court of Appeal has dismissed an appeal by fugitive businessman Wong Shee Kai, commonly known as Ricky Wong, alongside Teh Sew Wan and Wong SK Holdings Sdn Bhd, upholding a High Court injunction that freezes up to RM169.2 million in assets tied to a civil securities fraud suit brought by the Securities Commission Malaysia.

A three-judge appellate panel comprising Justices Datuk Ravinthran N. Paramaguru, Dato’ Dr. Choo Kah Sing, and Datuk Leonard David Shim unanimously rejected the appellants’ bid to set aside the High Court’s inter partes injunction order granted on April 28, 2022. The Court of Appeal also dismissed a concurrent attempt by the appellants to overturn an earlier ex parte injunction issued by the High Court in May 2020. In addition to affirming the asset freeze, the appellate bench ordered the appellants to pay RM200,000 in legal costs to the capital market regulator.

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Author

  • Bernard is a social activist dedicated to championing community empowerment, equality, and social justice. With a strong voice on issues affecting grassroots communities, he brings insightful perspectives shaped by on-the-ground advocacy and public engagement. As a columnist for The Ledger Asia, Bernard writes thought-provoking pieces that challenge norms, highlight untold stories, and inspire conversations aimed at building a more inclusive and equitable society.