Genneva Malaysia Sdn Bhd including Eight Individuals and Two Other Companies Found Guilty to Illegal Deposit Taking and Money Laundering ChargesRelease Date: 05 Aug 2020
On 4 August 2020, Genneva Malaysia Sdn Bhd (GMSB) with its ex-directors, general manager, other related individuals including the company business advisor and two other related companies that were charged under section 25(1) of the Banking and Financial Institution Act 1989 (BAFIA) and/or section 4(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA), were found guilty to the charges for accepting money from depositors without a valid license under section 25(1) of the BAFIA and for involvement in money laundering activities at the Kuala Lumpur High Court.
The High Court’s Judge meted the following sentences:
A) Charges under section 25(1) BAFIA and section 4(1) AMLA:
- GMSB – RM 450 million fine
- Tan Liang Keat – Nine (9) years of jail and fine of RM 230 million
- Lim Kah Heng – Nine (9) years of jail and fine of RM 48 million
- Philip Lim Jit Meng – Nine (9) years of jail and fine of RM 272 million
- Ng Poh Weng – Four (4) years of jail and fine of RM 159 million
B) Charges under section 25(1) BAFIA Only:
- Ahmad Khairuddin IIias – Six (6) years of jail and fine of RM 4 million
C) Charges under section 4(1) AMLA Only:
- Marcus Yee Yuen Seng – Three (3) years of jail and fine of RM 17 million
- Chiew Soo Ling – Three (3) years of jail and fine of RM 48 million
- Yao Kee Boon – Three (3) years of jail and fine of RM 2 million
- Success Attitude Sdn Bhd – Fine of RM 8 million
- Ng Advantage Sdn Bhd – Fine of RM 101 million
The High Court ordered that default in paying each BAFIA and AMLA fine will result in two (2) years imprisonment. As for imprisonments, BAFIA and AMLA imprisonment will run consecutively.
Members of the public are reminded not to place any monies or deposits with unlicensed institutions or be involved in any form of get-rich-quick schemes to avoid losing their hard-earned money. A list of institutions licensed under the laws administered by Bank Negara Malaysia to accept deposits is available on its website at www.bnm.gov.my.
Members of the public can also access information relating to illegal financial schemes and enforcement actions taken by Bank Negara Malaysia at the Financial Fraud Alert Site (http://fraudalert.bnm.gov.my).
For further enquiries, members of the public may contact Bank Negara Malaysia at the following:
Telephone: 1-300-88-5465 (BNMTELELINK)
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