Former company director fined RM50,000 for illegal deposit taking

PETALING JAYA: A former director of gold investment company Royal Gold, was fined RM50,000, in default 24 months’ jail, by the Sessions Court here yesterday on two counts of illegal deposit taking, involving more than RM500,000 from two investors four years ago.

Judge Mabel S. Muttiah meted out the fine on Datuk Yap Yee Hoo, 62, who changed his plea to guilty yesterday, which was fixed to begin trial of the case.

On both the counts, Yap was charged with accepting a deposits of RM446,700 without a valid licence from a lawyer, Tan Cheng Tat, 51, and RM70,000 from a businesswoman, Mastura Abdul Muthalib, 53, also without a valid licence at Level 1-2, Wisma BU 8, No. 11, Lebuh Bandar Utama, Bandar Utama, here between July and November 2014.

The charges, framed under Section 137(1) of the Financial Services Act 2013 and punishable under Section 137(2) of the same law, provides an imprisonment for up to 10 years or maximum fine of RM50 million, or both, upon conviction.

Yap was, however, acquitted without being given a discharge, on two charges under Section 403 of the Penal Code for dishonest misappropriation of property, involving RM666,700 belonging to clients of the company.

Mabel acquitted Yap of the charges after deputy public prosecutor Shazreen Nadia Zulkifli informed the court that the Attorney-General’s Chambers had received representation from the accused for a review of the two charges made against him.

On the first count, Yap, in his capacity as director of Royal Gold, was charged with dishonestly misappropriating RM446,700 belonging to the company clients and the offence was allegedly committed at the Taipan Branch Public Bank in Subang Jaya here between July and November 2014.

He was also charged with committing a similar offence involving gold ingot, worth RM220,000 belonging to Mastura for investment in the company.

The offence was allegedly committed at Royal Gold Sdn. Bhd., No. 111 & 112, Block F, Phileo Damansara 1, No. 9 Jalan 16/11 off Jalan Damansara here on April 15, 2014.

Yap was represented by lawyer T. L. Chen. - Bernama