Thursday February 24, 2011

http://thestar.com.my/news/story.asp?file=/2011/2/24/nation/8125352&sec=nation

IPOH: Four directors of gold investment scheme operator Bestino Golden House Sdn Bhd claimed trial separately in a Sessions Court here to 322 counts of money laundering involving RM156.25mil.

Chong Yuk Ming, 49, Goon Koon Lee, 48, Chang Kuei Geh, 57, and Ho Chee Cheong, 41, pleaded not guilty to accepting and utilising illegal proceeds as well as transferring the money to local and foreign financial institutions between July 9, 2006, and Sept 21, 2008.

They were charged under Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act with Chong facing 52 of the total charges, Goon 102, Chang 114 and Ho 54.

The offence under the Act carries a maximum RM5mil fine or five years’ jail or both, upon conviction.

During yesterday’s proceedings, the four were also charged separately under Section 25(1) of the Banking and Financial Institutions Act (Bafia) with accepting illegal deposits from the public without a valid licence.

They denied having committed the offence which allegedly took place at No. 80B, Jalan Sultan Yussof here.

The four, by virtue of being directors of Bestino at the material time, further jointly claimed trial to another charge of illegal deposit taking brought against the company.

In proposing a RM5mil bail amount, Bank Negara prosecuting officer Alvin Ong Heng Kiat said the charges under Bafia involved about RM500mil.

“The prosecution is proposing this on the basis of the nature and gravity of the offence,” Ong said.

He further proposed that additional conditions be imposed, which were for all the accused’s passports to be surrendered to the court and for two bailors, including one family member, to guarantee their presence in court.

Objecting to this, defence counsel Rajivan Nambiar said the bail amount suggested by the prosecution was clearly intended to be punitive, adding that the sum of RM500mil was never mentioned in any of the charges under Bafia.

Sessions judge Julie Lack allowed bail at RM1.5mil each in two sureties, including one bailor who is a family member and ordered that their passports be surrendered.

The court fixed April 11 to hear submissions on the prosecution’s application for all charges to be jointly heard.

At press time, all four accused failed to post bail.