Securities Commission Act 1993 · Updated to 1 Mar 2016 · Part V · Enforcement and Investigation
130. Procedure by Magistrate in respect of property seized
Feedback & supportWhere a report is forwarded to the Magistrate by an
Investigating Officer of the Commission under subsection 129(5), the
officer
“officer”, in relation to— (a) the Commission, means any officer employed under section 20 and includes an Investigating Officer of the Commission appointed under section 125; and (b) a corporation, has the meaning assigned to it in the Companies Act 1965;
Magistrate shall make such order as he thinks fit respecting the delivery of such property to the person entitled to the possession of the property or, if such person cannot be ascertained, respecting the custody and production of such property.
If the person entitled to the property is known, the Magistrate may order the property to be delivered to him on such conditions, if any, as the Magistrate thinks fit, and shall, if he makes suchorder, cause a notice to be served on such person informing the person of the terms of the order and requiring him to take delivery of the property within such period from the date of the service of the notice
(not being less than forty-eight hours) as the Magistrate may in such notice prescribe.
Securities Commission Malaysia 83
Commission
“Commission” means the Securities Commission Malaysia established under section 3;
If the person to whom property has been ordered to be delivered under subsection (2) neglects or omits to take delivery of such property within the period prescribed, the Magistrate may, where such property is subject to speedy and natural decay or where in his opinion its value is less than fifty ringgit, direct that such property be sold and the net proceeds of such sale shall, on demand, be paid over to the person entitled thereto.
prescribed
“prescribed”, where no manner of prescribing is provided, means prescribed from time to time by regulations or order published in the Gazette;
If the person entitled to the possession of such property is absent from Malaysia and the property is subject to speedy and natural decay or the Magistrate to whom its seizure is reported is of the opinion that its sale would be for the benefit of the owner or that the value of such property is less than fifty ringgit, the Magistrate may, at any time, direct it to be sold and subsection 131(4) shall apply to the net proceeds of such sale.
If the person entitled to the property is unknown, the
Magistrate may direct that the property be detained in the custody of the Investigating Officer of the Commission.
Notwithstanding subsection (5), if the person entitled to the property is unknown and it is shown to the satisfaction of the
Magistrate that such property is of no appreciable value, or that its value is so small as, in the opinion of the Magistrate, to render impracticable the sale, as provided in section 131, of such property or as to make its detention in the custody of the Investigating Officer of the Commission unreasonable in view of the expense or inconvenience that would thereby be involved, the Magistrate may order such property to be destroyed or otherwise disposed of, either on the expiration of such period after the publication of the notification referred to in subsection 131(1) as he may determine or forthwith as he thinks fit.