PUTRAJAYA: Four former directors of gold investment firm Genneva Sdn Bhd (GSB) were each sentenced to eight years in jail by the Court of Appeal after being found guilty of 154 counts of money-laundering and four counts of receiving unlicensed deposits involving transactions worth more than RM200mil.
The four were also fined RM1mil each.
A three-man panel chaired by Justice Mohtarudin Baki meted out the sentences on Ng Poh Weng, 67, Datuk Marcus Yee Yuen Seng, 65, Chin Wai Leong, 41, and Liew Chee Wah, 63.
The panel ordered the sentences to begin from Wednesday after rejecting a review application by counsel Tan Sri Muhammad Shafee Abdullah and interim stay of the prison sentence.
Mohtarudin, who presided with Justices Zakaria Sam and Datuk Abdul Karim Abdul Jalil also imposed a RM2mil fine against GSB on a charge of receiving non-licensed deposit.
The court sentenced the four to five years in jail and a fine of RM1mil in default one year's jail for charges of receiving non-licensed deposits, and another three years' imprisonment for money-laundering.
"The two penalties will run separately," said Mohtarudin, adding that a mere fine was not suitable for money-laundering as it was a serious crime.
He said the panel unanimously found the prosecution had proved the case beyond reasonable doubt.
Ng, Yee, Chin and Liew who were standing in the dock appeared shocked at the sentence while some of their family members were seen breaking down in tears as the court policemen escorted them to the lock-up.
On May 16, 2013, the Kuala Lumpur Sessions Court freed the four after finding the defence had raised reasonable doubt over the prosecution's case.
On Sept 20, 2016, the Kuala Lumpur High Court upheld the Sessions Court decision after finding that the investment company was only carrying out physical gold trading activities and there was no evidence that the company took unlicensed deposits. - Bernama
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