Former finance manager charged with money laundering involving RM28mil


SHAH ALAM: A former finance manager of a musical equipment company was charged in two Sessions Courts here on Thursday (Feb 2) with 22 counts of money laundering involving RM28mil.

Foo Yong Xian, 35, pleaded not guilty to all the charges which were read out separately before Judge Muhamad Anas Mahadzir and Judge Norazlin Othman.

In the case before Judge Muhamad Anas, Foo was charged with 10 counts of receiving and disposing of RM9.6mil, believed to be proceeds from unlawful activities, while the remaining 12 charges, involving transferring and disposing of RM18.4mil, were before Judge Norazalin.

He was alleged to have received the money through cheques and transferred it online from a bank account belonging to the company into his own personal account and several other company accounts.

The offences were allegedly committed at two bank branches in Bangsar and Bandar Puteri Puchong between Feb 2018 and Dec 2020.

The charges were framed under Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 and punishable under Section 4(1) of the same law, which provides imprisonment for up to 15 years and a fine of not less than five times the amount or value of proceeds from the unlawful activities or RM5mil, whichever is higher if found guilty.

Deputy Public Prosecutor Muhammad Zulfadli Mohd Nawawi prosecuted in both cases, while Foo was represented by lawyer Tuw Min Ric.

Foo was allowed bail of RM154,000 with two sureties for all the charges and was also ordered to report himself to the nearest police station once a month.

Following an application by the prosecution, Judge Muhamad Anas allowed the case before him to be transferred and tried together with the cases before Judge Norazlin on March 22. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Nation

Mosar team save climber suffering from low temperatures at Mount Kinabalu
Technician pleads not guilty to assaulting wife in viral video
New immigration detention depot and quarters in Penang nears completion
Cops dispose of seized cryptocurrency mining machines and contraband worth thousands in Johor
Family seeks whereabouts of missing senior citizen from Cheras
Full investigation launched into drowning of Chinese tourist in Sabah
Home Ministry welcomes country’s Tier 2 upgrade on Trafficking in Persons 2024 report
MAHB sale to foreign company is false narrative by Opposition, says Anwar
Malaysia upgraded to Tier 2 in latest Trafficking in Persons report
Julian Assange released from UK prison, returning home

Others Also Read