KUALA LUMPUR: A former banker was charged at two Sessions Courts here today with six counts of money laundering and fraud related to the purchase of shares amounting to RM808,000, in 2013.
Lau Min Thung, 43, pleaded not guilty after all the charges against him were read out before Judges Norma Ismail and Suzana Hussin.
Before Judge Norma, the man was charged with three counts of indirectly engaging in transactions involving proceeds of illegal activities, namely the use of money amounting to RM808,000 in a stock trading account belonging to Ong Chu Lee, 41, and Yeong In Shern, 36, between Feb 2013 and April 2014 at CIMB Investment Bank Berhad, Taman Melaka Raya. Melaka.
All the offences were charged under Paragraph 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 which carries a maximum fine of RM5 million or imprisonment of up to five years or both, if convicted.
Before Judge Suzana, the accused faces two charges, namely indirect involvement in fraud related to the purchase of shares, including MMC Corporation Berhad and Cuscapi Berhad, causing Yap Kim Sim, 71, and Khu Tee Sing, 78, to buy cheques worth RM303,000 each purportedly for the purchase of Axiata Global Berhad Term Bonds which did not actually exist.
Instead, the cheques were deposited into the stock trading account of Ong controlled by the accused. Lau was also charged with indirect involvement in fraud related to the purchase of shares, including CWorks Systems Berhad and Oceancash Pacific Berhad, which caused Lau Keng Keong, 68, to buy a cheque worth RM202,000 purportedly for the purchase of Axiata Global Berhad Term Bond that did not actually exist. Instead, the check was deposited into the Yeong stock trading account controlled by the accused.
All the offences were allegedly committed at the same time and place under Subsection 179 (b) of the Capital Markets and Services Act 2007 which is punishable under Section 182 of the same act which carries a maximum jail term of 10 years and a fine of up to RM1 million, upon conviction.
Securities Commission (SC) deputy public prosecutor Muhammad Izzat Fauzan did not offer any bail but suggested an additional condition that the accused’s passport be surrendered to the court and that the accused must report to the SC’s investigating officer once a month until the case is completed, if the court grants bail.
“If bail is granted, I request the court to take into account the amount of money altered and the seriousness of the offence committed,“ said Muhammad Izzat, who co-handled the case with SC prosecuting officers Jonathan Chin, Daniel Ariff Tung and Raihana Nadhira Rafidi.
Lawyer Azalea Nazihah Zulkifli, representing the accused, applied for low bail on the grounds that her client was the main breadwinner of the family and had always provided good cooperation throughout the investigation period.
The court granted the accused bail amounting to RM200,000 for all charges with one surety and tagged with additional conditions as requested by the prosecution and fixed April 25 for mention of the case.
