RM2M FINE AND JAIL FOR DIRECTORS
Duo received more than RM400 million in deposits from public without licence
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.