Ex-directors of Genneva convicted of money laundering
Published on: Wednesday, December 13, 2017
Putra Jaya: Four former directors of gold bar investment company Genneva Sdn Bhd have been convicted of money laundering and taking deposits without permits, involving over RM100mil.The conviction was by a Court of Appeal panel, led by Justice Mohtarudin Baki, that found earlier courts' rulings were mistaken.The panel unanimously ruled that though the company claimed it was only buying and selling gold, this amounted to deposit taking and thus required a licence.
ADVERTISEMENT
However, the company had no such licence.During mitigation, lawyer Gooi Soon Seng requested a postponement to obtain a medical certificate as evidence of his clients' poor health.However, Deputy Public Prosecutor Awang Armadajaya Awang Mahmud urged the court to reintroduce a bond, as the accused had returned their bail after being acquitted at the High Court.The Court of Appeal panel, which included Justices Zakaria Sam and Abdul Karim Abdul Jalil, allowed the postponement and fixed Jan 4 to hear pleas.
ADVERTISEMENT
They set bail at RM1mil per person with two sureties, and ordered them to surrender their passports.Genneva and its then directors Ng, Marcus, Chin and Liew were accused of money laundering at their offices at Menara Public Bank, 146, Jalan Ampang here between July 2008 and June 2009.
ADVERTISEMENT
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.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
