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Four former Genneva Sdn. Bhd directors jailed for 8 years and fined RM 1 million

Release Date: 23 Feb 2018

On 21 February 2018, the Court of Appeal have convicted the company and the four directors of Genneva Sdn. Bhd. (GSB) for accepting deposits without a license and money laundering, offences under Section 25(1) of the Banking and Financial Institutions Act (BAFIA) 1989 and Section 4(1) of Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).

The Court of Appeal passed the following sentences for:

5 Charges on BAFIA:

  1. Genneva Sdn. Bhd. – RM 2 million fine;
  2. Ng Poh Weng – Imprisonment 5 years and RM 1 Million fine (in default 1 year imprisonment);
  3. Marcus Yee Yuen Seng – Imprisonment 5 years and RM 1 Million fine (in default 1 year imprisonment);
  4. Chin Wai Leong – Imprisonment 5 years and RM 1 Million fine (in default 1 year imprisonment); and
  5. Liew Chee Wah – Imprisonment 5 years and RM 1 Million fine (in default 1 year imprisonment).

And

154 charges on AMLA:

(Imprisonment is concurrently served for all AMLA charges)

  • Ng Poh Weng – Imprisonment 3 years (68 AMLA charges);
  • Marcus Yee Yuen Seng – Imprisonment 3 years (28 AMLA charges);
  • Chin Wai Leong – Imprisonment 3 years (46 AMLA charges);
  • Liew Chee Wah – Imprisonment 3 years (12 AMLA charges).

*BAFIA and AMLA sentences to be served consecutively

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