RM400m deposits: Gold investment directors ordered to enter defence
Defence to call four witnesses in case involving collecting deposits from public without a licence.
KUALA LUMPUR: The Sessions Court on Wednesday ordered two directors of a gold investment company to enter their defence for receiving more than RM400 million in deposits from the public without a licence.
Judge Norsharidah Awang made the decision after finding that the prosecution had succeeded in establishing a prima facie case against Liew Choon Khee, 37, and How Soo Feng, 42, of Gold Label Sdn Bhd.
The court fixed July 14 for the defence trial.
On Oct 23, Liew and How claimed trial to two counts of illegally receiving deposits through a scheme involving gold transactions at A-21-1, 21st floor, Northpoint Offices, Tower A, Mid Valley City, No. 1, Medan Syed Putra here.
They allegedly committed the offences between April 22, 2009 and May 6, 2010.
The charges are framed under Section 25(1) of the Banking and Financial Institutions Act 1989, punishable under Section 103(1)(a) of the same Act, which carries a maximum 10 years imprisonment or a fine of not more than RM10 million or both, upon conviction.
Prosecuting officer Alvin Ong Heng Kiat from Bank Negara Malaysia had called 17 witnesses during the hearing.
Counsel K Kumaraendran, who is representing Liew, told reporters that the defence would be calling four witnesses.
How was represented by counsel M Kavimani.
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– BERNAMA