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Published: Wednesday June 11, 2014 MYT 6:47:00 PM
Updated: Wednesday June 11, 2014 MYT 8:06:42 PM

Man sentenced to 1,942 years' jail for money laundering

KUALA LUMPUR: A former company director, Lim Long Yew, was sentenced to a total of 1,942 years' jail and fined RM1.596mil by the Sessions Court Wednesday, for 481 counts of money laundering and illegal deposit-taking, involving millions four years ago.

Another accused in the case, Leong Guan Yeu, 47, also a former director of the company, was sentenced to a total of 139 years' jail and fined RM180,000 for nine counts of illegal deposit-taking and 130 counts of money laundering.

Also implicated was the company, Asia Ceramic Marketing Sdn Bhd, which was fined RM180,000 for nine counts of illegal deposit-taking.

In 2010, Lim, 43, was charged with transferring illegal proceeds from his personal account to the company's bank accounts and accepting ill-gotten money into the company's accounts at various locations between June 19, 2008 and Oct 19, 2009.

Lim also claimed trial to nine counts of illegal deposit-taking in a summons case on behalf of the company, Asia Ceramic Marketing Sdn Bhd, in his capacity as a director.

The charges against Leong was for accepting, transferring and holding illegal proceeds in the company's accounts between July 18, 2008 and Oct 19, 2009.

Judge Datuk Jagjit Singh Bant Singh, when handing down the sentence, said the defence had failed to raise any reasonable doubt in the prosecution's case.

The judge found them guilty for all 627 charges after hearing testimonies of 37 prosecution witnesses and seven defence witnesses.

Jagjit Singh sentenced Lim to six years' jail and RM20,000 fine, in default two month's jail, for each of the nine counts of illegal deposit-taking.

He also sentenced Lim to four years' jail and fine of RM3,000, in default one month's jail, for each of the 472 counts of money laundering.

The judge ordered all the sentences to be served concurrently from Wednesday.

He also ordered Lim to serve the six years' jail first and consequentially the four years' jail.

So, in total Lim would only spend 10 years in jail.

As for Leong, he was sentenced to one year's jail and fined RM20,000, in default two months' jail, for each of the nine illegal deposit-taking charges.

The court ordered the jail sentences to be served concurrently from Wednesday.

On the 130 counts of money laundering, Leong was sentenced to one year's jail for each count, also to be served concurrently from Wednesday.

The judge ordered Leong to serve the one-year jail sentence for illegal deposit taking first, followed by the jail sentence for money laundering, which means Leong would spend only two years in jail.

However, Jagjit Singh granted an application by both the accused for a stay of execution of the jail sentence pending their appeal at the High Court and increased Lim's bail from RM200,000 to RM1mil.

The judge also ordered Leong, represented by counsel Haresh Mahadevan, to pay the RM180,000 fine in two instalments.

"RM90,000 is to be paid today and another RM90,000 is to be paid before Aug 11 this year," said the judge.

Earlier, during mitigation, Mahadevan said his client now worked from home as a graphic designer and earned RM3,000 a month, while the wife is not working.

Meanwhile, Lim's counsel, Hariharan Tara Singh, requested imposition of a jail sentence only for his client as he had no permanent job and could not pay the fine.

Deputy Public Prosecutors Mohd Shukri Ahmad Mansor and Akmalzatul Mohd Nawi prosecuted. - Bernama

Tags / Keywords: Courts, Sentenced, 1942, Money laundering

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