Two men plead not guilty to taking deposits without licence

  • Nation
  • Tuesday, 11 Jun 2019

Ooi Kooi Lam (second right) and Loh Kim Yong, (second left) both aged 62, were escorted to Alor Setar Sessions 5 Court.

ALOR SETAR: Two business partners claimed trial to two charges of running a business that took deposits from the public without licence in 2015 and 2016.

Ooi Kooi Lam and Loh Kim Yong, both aged 62, claimed trial after the charges were read to them by a Malay court interpreter before Sessions Court judge Sharifah Norazlita Syed Salim Idid.

According to the first charge, they accepted deposits from the public without a valid licence in contravention of Section 10 of the Financial Services Act 2013 (FSA) (Act 758), at Alliance Bank, Jalan Stadium here between July 2015 and December 2015.

The second charge accused the two of the same offence at the same bank between January 2016 and December 2016.

The offences are punishable under Section 137 (2) of the Financial Services Act 2013, which provide for imprisonment for a term not exceeding 10 years or to a fine not exceeding RM50mil ringgit or both if they are found guilty.

State Deputy Public Prosecutor Mohd Alif Farhan Hassan suggested bail of RM10,000 to each of the accused. He said the deposits involved a huge amount of money.

Judge Sharifah Norazlita asked him how much they collected in order for her to decide on the bail amount.

Mohd Alif told the judge it was about RM90,000.

Counsel Eng Yuh Pei, who represented Ooi and Loh, requested a lower bail of RM6,000 each.

The judge set bail at RM8,000 each with one surety. The bail was pay by Ooi’s son and Loh’s wife.

She fixed July 2 for re-mention of the case and the surrender of case documents.

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