Securities Commission Act 1993 · Updated to 1 Mar 2016 · Part V · Enforcement and Investigation
131. Procedure in respect of property detained in Investigating Officer’s custody
Feedback & supportWhere a Magistrate has directed under subsection 130(5)
that any property seized be detained in the custody of an Investigating
84 Laws of Malaysia ACT 498
Officer of the Commission, the Chairman acting on behalf of 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;
Commission, shall issue a public notification specifying the articles of which the property consists and requiring any person who has any claim to make a claim within six months from the date of such public notification.
Commission
“Commission” means the Securities Commission Malaysia established under section 3;
Every notification under subsection (1) shall, if the property has a value of fifty ringgit or more, be published in the Gazette.
If within three months from the publication of a notification under subsection (1) no person establishes a claim to such property, and if the person in whose possession such property was found is unable to show that it was legally acquired by him, such property may, after the expiration of such period of three months, be sold on the order of the Chairman acting on behalf of the Commission.
Chairman
“Chairman” means the Chairman of the Commission appointed under paragraph 4(2)(a);
If within six months from the publication of a notification under subsection (1) no person has established a claim to such property, the ownership of such property, or, if sold, of the net proceeds of such sale, shall upon the expiration of such period of six months pass to and become vested in the Federal Government.
Where the property referred to in subsection (1) is subject to speedy and natural decay or the Chairman acting on behalf of the
Commission is of the opinion that its value is less than fifty ringgit or where its custody involves unreasonable expense and inconvenience, such property may be sold at any time, and subsections (1), (2), (3)
and (4) shall, as nearly as may be practicable, apply to the net proceeds of such sale as they apply to the property.