Former Genneva directors found guilty of money laundering

In September 2016, the High Court upheld a Sessions Court’s decision to acquit and discharge the four former directors and Genneva on 224 counts of money laundering and five counts of accepting deposits without permit, involving over RM100 million. — Reuters pic
In September 2016, the High Court upheld a Sessions Court’s decision to acquit and discharge the four former directors and Genneva on 224 counts of money laundering and five counts of accepting deposits without permit, involving over RM100 million. — Reuters pic

KUALA LUMPUR, Dec 12 — The Court of Appeal today convicted four ex-directors from Genneva Sdn Bhd of money laundering and of receiving deposits without an eligible operating license.

The Star Online reported that the three-judge panel, led by Justice Mohtarudin Baki, read the conviction and unanimously ruled that taking deposits without a permit was unlawful.

The report said the appellate court found the former directors as knowingly participating in the business despite not having a permit.

In mitigating for Ng Poh Weng, 67, Marcus Yee Yuen Seng, 65, Chin Wai Leong, 41 and Liew Chee Wah, 63, lawyer Gooi Soon Seng sought a postponement, saying that one of his clients showed poor health condition and needed time to obtain a medical certificate as evidence.

Deputy Public Prosecutor Awang Armadajaya Awang Mahmud, however, asked the court to reintroduce a bond.

In the news report, Awang said this was necessary because the accused had returned their bail after being acquitted at the lower court.

The panel had then allowed the postponement and set January 4 to hear the plea.

A bail amount of RM1 million per person had been set with two sureties.

In September 2016, the High Court upheld a Sessions Court’s decision to acquit and discharge the four former directors and Genneva on 224 counts of money laundering and five counts of accepting deposits without permit, involving over RM100 million.

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