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Thursday October 14, 2010

Duo charged with money laundering, deposit taking

KUALA LUMPUR: Two company directors are charged with 542 counts of money laundering and four illegal deposit-taking charges involving hundreds of millions of ringgit.

Lim Long Yew, 39, faced 412 money laundering charges worth RM102mil while Leong Guan Yeu, 43, faced 130 money laundering charges involving RM39.9mil.

At the Sessions Court here, each faced two counts of illegal deposit-taking, in which the prosecutors claimed the case was being investigated for RM353mil.

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

Among others, Lim was accused of transferring illegal proceeds from his personal account to company bank accounts and accepting ill-gotten money into the company’s accounts at various locations between June 19, 2008 and Oct 19, last year.

Leong was alleged of accepting, transferring and holding illegal proceeds in the company’s accounts between July 18, 2008 and Oct 19, last year.

Deputy public prosecutor Farez Rahman applied for a RM3mil bail for Lim and RM1mil bail for Leong over money laundering charges.

Prosecuting officer Alvin Ong Heng Kiat, from Bank Negara, applied to the court to set bail at RM1mil for each accused for illegal-deposit taking charges on grounds that the amount investigated for the case under Banking and Financial Institutions Act 1989 was RM353mil and that the offences were non-bailable.

Pleading for lower bail, lawyer P.W. Teo said his clients have no previous convictions and that the authorities had frozen Lim’s bank accounts.

Co-counsel T. Rajasekaran said his clients would not abscond or tamper with prosecution witnesses and that they have to support their families.

Sessions Court judge Jagjit Singh Bant Singh set bail at RM1.2mil in two sureties for Lim and RM1mil bail for Leong.

Jagjit also ordered both accused to surrender their travel documents to the court.

He allowed a joint-trial and set Dec 17 for mention.

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