TH Heavy former CEO faces two money-laundering charges

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KUALA LUMPUR (Mar 2): TH Heavy Engineering Bhd’s former chief executive officer Nor Badli Munawir Mohamed Alias Latfi faced two charges of money-laundering amounting to RM1 million in the Session Court today.

Bernama reported that Nor Badli pleaded not guilty to both of the charges read out to him before Judge Madihah Harullah.

Four years ago, Nor Badli allegedly received RM430,000 cash from Corak Intoil company director Mohd Razip Mohammad and another RM570,000 from RL Offshore director Hanaffi Daud, which were from illegal proceeds.

The charges under Section 4(1)(a) of The Anti-Money-Laundering and Anti-Terrorism Financing Act 2001 carries a maximum fine of RM5 million or imprisonment not exceeding five years or both, if convicted.

Bernama also reported that Malaysian Anti-Corruption Commission deputy public prosecutor Mohd Asnawi Abu Hanipah offered a RM200,000 bail with one surety for both charges and requested that the case be tried together with a criminal breach of trust (CBT) case faced by Nor Badli earlier in the same court.

On Jan 26, Nor Badli, 51, pleaded not guilty in the same court on five counts of CBT involving RM2.5 million.

His counsel, Chetan Jethwani, appealed for bail of RM10,000 for both charges, adding that his client would be facing another three counts of money-laundering at Shah Alam Sessions Court later in the day, Bernama reported, adding that court set bail at RM50,000 with one surety for both the charges and fixed March 15 for mention.

TH Heavy share price gained 0.5 sen or 3.7% to 14 sen today, giving it a market capitalisation of RM156.95 million.