KUALA LUMPUR (Feb 21): Four former directors of Genneva Sdn Bhd have been sentenced to eight years’ jail, along with a fine of RM1 million each, after being charged on 154 counts of money laundering and four counts of illegal deposit taking, according to Bernama.

Bernama reported today that the three-man panel chaired by Judge Datuk Wira Mohtarudin Baki ordered Ng Poh Weng, Datuk Marcus Yee Yuen Seng, Chin Wai Leong and Liew Chee Wah to carry out their sentences immediately, after declining lawyer Tan Sri Muhammad Shafee Abdullah’s request for a postponement.

The accused were charged under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla) and the Banking and Financial Institutions Act 1989 (Bafia).

The panel also charged a RM2 million penalty against Genneva for one count of illegal deposit taking, Bernama reported.

The court sentenced the directors to five years’ jail and a RM1 million fine — or an additional year of jail, if they fail to pay the fine — for the illegal deposit taking charges and three years jail for the money laundering charges.

“The two sentences will run separately,” Mohtaruddin was quoted by Bernama as saying. 

Mohtaruddin added that just a fine or a short jail sentence would not be suitable, considering the seriousness of their crimes and the amount of money involved.

Muhammad Shafee had requested to temporarily postpone the jail sentence as the defendants file a review on the decision, but Mohtaruddin suggested the defendants file the request for postponement formally, along with the immediate hearing notice.

It was reported that Mohtarudin said the Court of Appeal unanimously found the prosecution had successfully proven the allegations against the respondents, beyond reasonable doubt.

Bank Negara Malaysia began investigations into Genneva in July 2009, on suspicion of illegal deposit-taking activities. The company and four ex-directors were later charged in the Sessions Court.

The court acquitted them in May 2013, and the decision was subsequently upheld by the High Court in September 2016. The prosecution had then appealed to the Court of Appeal.