Ahmad Kamal Md Shahid J:

Introduction

[1] This application pertains to the forfeiture of property under s 56 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 ("AMLATFPUAA"). The applicant sought an order for theforfeiture of 5,792,000 units of shares in Bright Packaging Industry Berhad ("BPI"). These shares were held in the equity account of the 1st respondent at RHB Investment Bank Berhad and were referred to as the "Seized Shares". The basis of the application rested on the allegation that the respondents had committed an offence under s 179 of the Capital Markets and Services Act 2007 ("CMSA").

[2] The applicant contended that the respondents had engaged in manipulative and deceptive practices in relation to certain corporate exercises undertaken by BPI. These exercises included a Rights Issue, a Private Placement and an Employees' Share Option Scheme ("ESOS") (collectively referred to as "BPI Corporate Exercises"). It was alleged that the respondents had misappropriated proceeds derived from these exercises and subsequently utilized those funds to acquire the Seized Shares.

[3] Initially, the applicant also sought an orde