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Thursday October 24, 2013 MYT 12:00:00 AM
Thursday October 24, 2013 MYT 6:51:49 AM
KUALA LUMPUR: Two company directors of a gold trading firm have been charged in the Sessions Court with illegally taking an estimated RM450mil in deposits.
Liew Choon Khee, 34, and How Soo Feng, 39, pleaded not guilty to receiving deposits from the public through a gold trading scheme without a valid licence while in their capacity as company directors of The Gold Label Sdn Bhd.
The offences are alleged to have taken place in their offices in Northpoint Office Tower A, Mid Valley City, Medan Syed Putra, here, between Aug 14, 2009 and May 6, 2010.
Liew and How were slapped with a second similar set of charge of receiving deposits but in their capacity as management before they were made directors.
Bank Negara prosecuting officer Mohd Shukri Ahmad Manfor urged the court to set bail at RM1mil for each accused, as the deposits involved more than RM450mil with only RM10mil successfully seized so far.
He said it was a serious offence under Section 103(1)(a) of the Banking and Financial Institution Act, punishable by up to a RM10mil fine or 10 years’ jail.
Liew, who was unrepresented, pleaded for lower bail, saying her account had been frozen and she had been out of a job since the investigations began almost three years ago.
How’s lawyer M. Kavimani also pleaded for leniency, saying it was unfair to pin the burden solely on her client as there were others being investigated over the matter.
Judge Norsharidah Awang fixed bail at RM600,000 each with one surety, and ordered that Liew and How surrender their passports.
She fixed Nov 29 for next mention.
Tags / Keywords:
Courts & Crime, gold trading
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