Thursday, July 14, 2011
Trader accused of taking illegal deposits for bird’s nest cultivation
By NURBAITI HAMDAN
SHAH ALAM: The owner of Golden Nest Properties International (M) Bhd pleaded not guilty in the Sessions Court here to taking deposits from the public to join an unlicensed investment scheme for bird’s nest cultivation. Datuk Wong Sen Chiew, 55, was charged under Section 366 (3) of the Companies Act that provides for a seven-year jail term or RM30,000 fine or both.
The offence was allegedly committed between Nov 28, 2008, and Oct 1, 2009. Wong was also slapped with 28 counts of money laundering amounting to RM975,580.61. He was accused of using the money to buy stocks and pay commission to sales agents at Golden Nest’s office in Jaya One, Jalan Universiti, here, and several banks in the Klang Valley between Dec 2, 2008, and Oct 1, 2009.
He was charged under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act and faces up to five years in jail or a fine of up to RM5mil or both. Wong pleaded not guilty to all charges before judge Aslam Zainuddin here yesterday. DPP Mohd Haziq Razali prosecuted for the 28 counts of money laundering while Companies Commission of Malaysia prosecuting officers Steve Chin and Liyana Amira Kamaludin prosecuted for the charge under the Companies Act.
Mohd Haziq offered bail at RM200,000 but this was objected to by defence counsel S. Prakash, who asked for RM50,000 instead. The court set bail at RM150,000 in one surety and fixed Aug 4 for mention.
Posted by asa at 7:47 AM