8 YEARS’ JAIL
PUTRAJAYA: Four former directors of defunct gold bar i nvestment c o mpany, Genneva Sdn Bhd, were each sentenced to eight years’ jail and a RM1 million fine by the Court of Appeal yesterday.
The four, Ng Poh Weng, 67, Marcus Yee Yuan Seng, 65, Chin Wai Leong, 41, and Liew Chee Wah, 63, had been found guilty of 224 counts of money laundering on Dec 12 last year.
However, the number of charges were reduced from 224 to 156 earlier this month, while two more were dropped yesterday.
Subsequently, Ng f aced 68 charges while Yee faced 28, and Chin and Liew faced 46 and 12 charges respectively.
The four were each sentenced to five years’ imprisonment and fined RM1 million, in default one year’s jail, under the Banking and Financial Institutions Act (Bafia) and another three years’ jail under the AntiMoney Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla).
They were ordered to serve the sentences consecutively from yesterday as their application for a stay of execution was denied.