Daughter of Genneva Malaysia former director charged with money-laundering

MALAYSIA   

Daughter of Genneva Malaysia former director charged with money-laundering

BY RITA JONG
OCTOBER 08, 2013

The daughter of Genneva Malaysia Sdn Bhd’s former director is the latest person to be charged with money-laundering today.

Ng Wan Yean, 29, daughter of Datuk Ng Poh Weng, was slapped with 82 counts of money-laundering amounting to RM931 million, which was deposited into her company account.

Wah Yean, who is director of Ng Advantage Sdn Bhd, was charged at the Sessions Court in Kuala Lumpur.

Her father was already charged with similar offences on September 27. He was among six individuals charged with 913 counts of money-laundering and 10 illegal deposit-taking charges involving RM5.5 billion. He was also charged yesterday the at Sessions Court in Shah Alam with 19 counts of money-laundering amounting RM1.1 million in relation to Genneva.

Last week, Wan Yean’s two other siblings, sister Wan Yee and brother Yee Yaw, were also charged with similar charges.

At the court today, Wan Yean claimed trial to committing the offences between 2011 and August last year.

Judge Mat Ghani Abdullah granted her RM50,000 bail in one surety and fixed November 27 for case management, and April 7 to 24 for trial.

DPPs Mardziatun Nisa Ahmadul Kabir and Haslinie Hashim prosecuted, while counsel Avtar Singh Dhaliwal and Devinder Kaur Dhaliwal represented Wan Yean.

In October last year, Bank Negara Malaysia raided Genneva Malaysia and its affiliates before freezing the company's accounts, cheques and other assets worth RM99.8 million. 126kg in gold bullion was also seized on suspicion that the company violated various banking and financial laws, which among others included taking deposits without giving gold in return, money laundering, evading taxes, appointing agents without licence, failing to file statutory documents, misrepresenting itself as an investment firm, giving false statutory documents, and giving false description on its business.

This was followed by a suit by nine investors against the company and four of its directors – Tengku Muhaini Sultan Ahmad Shah, Philip Lim Jit Meng, Ahmad Khairuddin Ilias and Tan Lian Keng – seeking the return of RM2 million in investments.

They claimed the firm had carried out fraud and misrepresented the scheme as compliant with Syariah law. – October 8, 2013.