PUTRAJAYA — Dec. 12, 2017: (Bernama) – Four former directors of gold bar investment company Genneva Sdn. Bhd. were found guilty by the Court of Appeal today on 293 counts of money laundering and five counts of illegal deposit taking, involving more than RM100 million.
A three-man panel comprising justices Datuk Mohtarudin Baki, Datuk Seri Zakaria Sam and Datuk Abdul Karim Abdul Jalil arrived at the verdict after allowing the prosecution’s appeal to set aside the Kuala Lumpur High Court’s decision to acquit and discharge the four.
Mohtarudin, who chaired the panel, said the court unanimously found that the prosecution had succeeded in proving the charges against the four – Ng Poh Weng, 67, Marcus Yee Yuen Seng, 65, Chin Wai Leong, 41, and Liew Chee Wah, 63 — beyond reasonable doubt.
In his brief judgment, Mohtarudin said the court found the gold sale and purchase transactions conducted by the four accused were included in the definition of the deposit-taking business.
The court found that the sale of gold acted as a camouflage to prevent legal action from being taken against them.
“The court also found that clarification made by the four that their gold-trading activities were not deposit taking as defined by the Banking and Financial Institutions Act had failed to raise a reasonable doubt, as they met the criteria of deposit taking,” he said.
The court set January 4 for sentencing after the defence team led by Gooi Soon Seng sought a postponement on the mitigation of all the accused on the grounds that they had health problems and would submit medical reports before appealing to reduce the sentence.
The court also allowed all the accused bail at RM1 million each with two sureties. They were also ordered to hand over their passports to the court and to provide their current residential addresses.
On September 20, 2016, the High Court upheld a Sessions Court decision to acquit and discharge the four after finding that the investment company was only involved in the sale and purchase of physical gold and that there was no evidence it was accepting deposits without a licence.
They were also accused of illegally accepting public deposits at the company’s premises on Persimpangan Jalan Kuchai Lama between November 2008 and July 2009. — Bernama