Genneva Malaysia director charged with accepting deposits without a licence

  • Nation
  • Tuesday, 04 Feb 2014

KUALA LUMPUR: A Genneva Malaysia Sdn Bhd company director claimed trial to two counts of accepting deposits from the public without a licence for gold transactions amounting to RM5.5bil.

Ahmad Khairuddin Ilias, 56, was accused of accepting the deposits via two CIMB Islamic Bank Berhad current accounts and charged under Subsection 6(4) of the Banking and Financial Institutions Act 1989 (Act 372).

At offences committed, Ahmad Khairuddin was the company director of Genneva Malaysia Sdn Bhd.

The two offences were allegedly committed at the CIMB Islamic Bank Berhad, Jalan Kuchai Lama branch, located at Jalan Kuchai Maju 1, Dynasty 2, Off Jalan Kuchai Lama, between Jan 10, 2011 and Oct 1, 2012 and between Sept 22, 2011 and Oct 1, 2012.

Ahmad Khairuddin was charged under Section 25(1) of the act read together with Section 106(1) and punishable under Section 103(1)(a) of the same act which carries a fine of not more than RM10mil or a jail term of not more than 10 years or both.

Bank Negara Malaysia prosecuting officer Fahmi Abd Moin submitted that they would not offer bail as the offence committed under Section 25(1) of the act was serious and a non-bailable offence.

Fahmi said the case in question involved a total of 35,000 investors and RM5.5bil in investments.

He said if the court wished to offer bail, the prosecution would propose a RM1mil bail.

Ahmad Khairuddin’s counsel Mohd Hairani Samsi said the bail was only to ensure attendance.Mohd Hairani said if the court did not offer any bail, it would be difficult for him to defend his client. He then proposed a RM100,000 bail.

Judge Mat Ghani Abdullah fixed RM500,000 with one surety pending mention on Feb 20.

Ahmad Khairuddin was the latest person related to Genneva Malaysia to be charged in court. To date 16 individuals and 10 companies have been brought to court to face more than 1,500 charges.
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