MBI founder Tedy Teow charged

AMPANG: MBI Group International Sdn Bhd founder Tedy Teow has been charged in a Sessions Court here for issuing electronic money without Bank Negara Malaysia's permission, Sin Chew Daily reported.

According to the charge sheet, MBI Marketing Sdn Bhd and Mface International Sdn Bhd issued electronic money between June 3, 2012 and March 17 this year without approval under Section 25(1)(c) of Payment Systems Act 2003.

Teow, as the person in-charge of these two companies, is allegedly in violation of Section 25(1), read together with Section 58(1) of the Act.

He can be punished under Section 56(1) of the Act, which carries a fine of not more than RM5mil, or a jail term not exceeding five years, or both, if convicted.

Teow, 52, pleaded not guilty and bail was set at RM60,000.

The court set July 11 for mention.