Duo re­ceived more than RM400 mil­lion in de­posits from pub­lic with­out li­cence

New Straits Times - - News / Nation - RAH­MAT KHAIRULRIJAL KUALA LUMPUR rah­mat@nst.com.my

TWO gold in­vest­ment com­pany di­rec­tors were jailed and fined for receiving more than RM400 mil­lion in de­posits from the pub­lic with­out li­cence eight years ago.

How See Feng, 43, who was charged in his ca­pac­ity as di­rec­tor of Gold La­bel Sdn Bhd, was sen­tenced to five months’ jail for ac­cept­ing de­posit money from the pub­lic with­out a li­cence in a gold trans­ac­tion scheme.

Liew Choon Chee, 38, was sen­tenced to four months’ jail for abet­ting How.

Both were also fined RM1 mil­lion each, in de­fault six months’ jail.

Ses­sions Court judge Datuk Nor­shari­dah Awang ruled that the de­fence had failed to raise a rea­son­able doubt in the pros­e­cu­tion’s case.

The of­fences were al­legedly com­mit­ted at A-21-1, Level 21, North­point Of­fice, Tower A, Mid Val­ley City, No. 1, Medan Syed Pu­tra here be­tween April 22, 2009, and May 6, 2010.

The duo were charged un­der Sec­tion 25(1) of the Bank­ing and Fi­nan­cial In­sti­tu­tions Act 1989, pun­ish­able un­der Sec­tion 103(1) of the same Act, which car­ries a max­i­mum of 10 years’ im­pris­on­ment or a fine of not more than RM10 mil­lion or both, upon con­vic­tion.

Deputy pub­lic prose­cu­tor Steve Chin Yin Cheong urged the court to im­pose an apt pun­ish­ment as the of­fence could desta­bilise na­tional econ­omy.

How and Liew were rep­re­sented by Gooi Soon Seng and Datuk K. Ku­maraen­dran.

The court al­lowed the de­fence ap­pli­ca­tion for a stay of ex­e­cu­tion pend­ing ap­peal to the High Court.

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