The Securities Commission Malaysia (SC) intends to demonstrate how Ricky Wong Shee Kai siphoned approximately RM56 million from Bright Packaging Industry Bhd (BPI) via a series of corporate exercises between 2013 and 2015, comprising a rights issue, a private placement and two rounds of an employee share option scheme (ESOS).

In his opening statement for the trial, which commenced this morning, senior lawyer Dato’ Lim Chee Wee, representing the SC, told the court that defendants Wong, his mother Teh Sew Wan and Wong SK Holdings Sdn Bhd contravened the Capital Markets and Services Act 2007 (CMSA) in using devices, schemes or artifices to defraud BPI and/or engaging in acts, practices or courses of business which operated as a fraud upon BPI.