FOUR ex-directors of gold investment firm Genneva Sdn Bhd have failed to obtain bail and a stay for their eight-year jail sentence for money laundering and receiving over RM200 million in unlicensed deposits, The Star reported.

Ng Poh Weng, 67, Marcus Yee Yuen Seng, 65, Chin Wai Leong, 41, and Liew Chee Wah, 63, saw their third bail application thrown out along with the application to stay their sentence pending a review. In addition to the jail sentence, the men were fined RM1 million each.

Court of Appeal judge Justice Tengku Maimun Tuan Mat, leading a three-judge panel consisting of Umi Kalthum Abdul Majid and Zaleha Yusof, made the unanimous decision, fixing April 24 for the review hearing.

The previous applications for bail and stay were rejected by two Court of Appeal panels on February 22 and 28.

On February 21, the Court of Appeal convicted them on 154 charges of money laundering and four counts of receiving unlicensed deposits.

Justice Mohtarudin Baki, who chaired a three-man panel, ordered them to serve the sentences consecutively from that day after their oral application for a stay was denied by the court.

The firm was also convicted on five counts of receiving deposits from the public without a licence and fined RM2 million.

The men committed the money-­laundering offences at Menara Public Bank, 146, Jalan Ampang in Kuala Lumpur between July 2008 and June 2009.

The illegal deposit-taking offences took place at the company’s premises in Jalan Kuchai Maju 6, Kuala Lumpur between November 2008 and July 2009. – March 24, 2018