KUALA LUMPUR, Feb 21 — Four directors of the now defunct gold-investment firm Genneva Sdn Bhd were handed stiff sentences for money laundering involving over RM100 million.
Director Ng Poh Weng, 67, Marcus Yee Yuen Seng, 65, Chin Wai Leong, 41, and Liew Chee Wah, 63, were handed jail terms under the Anti- Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla) and the Banking and Financial. Institutions Act 1989 (Bafia).
The three-man panel comprising of Datuk Mohtarudin Baki, Datuk Seri Zakaria Sam and Datuk Abdul Karim Abdul Jalil handed down the sentences, which were to be served immediately.
The accused face multiple charges: Ng found guilty of 68, Yee of 28, Chee of 46 and Liew of 12 and face five years each under Bafia and three years each under Amla with the sentences to be carried out consecutively.
Besides addition to the eight years, they face an additional year should the fail to fork out the RM1 million fine ordered by the court.
In delivering his verdict, Mohtarudin said the heavy penalties were necessary due to the seriousness of their crimes and the huge amount of money involved.
“The amount of money involved in this crime is huge and the gravity of the crimes committed by these individuals is as well.
“Therefore we have decided that the sentences will be as delivered,” he said.
Prior to the sentence being passed, the deputy public prosecutor Hamdan Hamzah had asked for a sentence of seven years each for offenses under Bafia and Amla and a fine of RM1 million.
Lawyer Tan Sri Muhammad Shafee Abdullah had attempted to mitigate the sentence, asking the court to consider the health of the defendants and precedent where such offenses were punished by fines or a much shorter jail-term.
“When considering non-violent crimes, there is impetus to issue a fine instead of a jail-term which is contrary to the dispensation of justice,” Shafee said.
The defence had also raised what they described as inconsistencies: the accused consulted Bank Negara Malaysia (BNM) who said that the central bank had no objection to their business, the number of charges was being repeatedly revised (154 from the initial 224) and that at least one director Liew Chee Wah was no longer serving with Genneva at the time BNM initiated investigations in July 2009.
BNM raided Genneva in July 2009 over a dubious gold trading scheme. Genneva Malaysia and its affiliates were similarly raided on October 1, 2012.
The bank froze Genneva Malaysia’s cheques, accounts and other assets worth RM99.8 million in cash, and seized 126 kg in gold bullion, based on suspicions that the company had broken several banking and financial laws.
Gold trading was not regulated in Malaysia until 2013, with the offenses having been commuted when no such regulations were in place.
Genneva had taken deposits which were used as investments, an act which is highly regulated in Malaysia with only banks, insurance and trust funds and few others being allowed to engage in such activities.
The company and its then directors Ng, Marcus, Chin and Liew were accused of money laundering at their offices in Jalan Ampang here between July 2008 and June 2009.
They were also accused of illegally accepting public deposits at Jalan Kuchai Maju 6, Persimpangan Jalan Kuchai Lama here, between November 2008 and July 2009.
On May 16, 2013, they were acquitted by the Sessions Court. The High Court affirmed the acquittal on Sept 20, 2016. The prosecution then appealed these rulings.
