FOUR former directors of gold bar investment company Genneva Sdn Bhd (GSB) were today found guilty by the Court of Appeal on 293 counts of money laundering and five counts of receiving non-licensed deposits involving transactions worth more than RM100 million.

The three-man panel comprising Mohtarudin Baki, Zakaria Sam and Abdul Karim Abdul Jalil made the decision after allowing the prosecution’s appeal to set aside the decision of the Kuala Lumpur High Court to release Ng Poh Weng, 67, Marcus Yee Yuen Seng, 65, Chin Wai Leong, 41, and Liew Chee Wah, 63.

Justice Mohtarudin, who chaired the panel, said the court unanimously found the prosecution succeeded in proving the charge beyond reasonable doubt. 

Mohtarudin said the court found a gold sale and purchase transaction conducted by all respondents including in the definition of the deposit business.

He said the court found the sale of gold was only a camouflage to prevent legal action taken against them.

The court set January 4 for sentencing after lawyer Gooi Soon Seng requested a postponement to obtain a medical certificate as evidence of his clients’ poor health.

The court also allowed all respondents bail of RM1 million each with two guarantors.

All four were also ordered to hand over their passports to the court and provide their residence address for contact. 

On September 20, 2016, the Kuala Lumpur High Court retained the decision to release the four respondents after discovering the investment company had only carried out gold trading activities physically and without evidence the company took deposits without a license. 

On May 16, 2013, the Kuala Lumpur Sessions Court released and discharged the four after finding their defence raised a reasonable doubt on the prosecution’s case.

Genneva and its then directors Ng, Marcus, Chin and Liew were accused of money laundering at their offices at Menara Public Bank, 146, Jalan Ampang between July 2008 and June 2009.

They were also accused of illegally accepting public deposits at Jalan Kuchai Maju 6, Persimpangan Jalan Kuchai Lama, between November 2008 and July 2009. – Bernama, December 12, 2017.