Ex Banker Claims Trial To Money Laundering Fraud Involving Share Purchase

---

 
Lau Min Thung was allowed bail of RM200,000 on all charges at the sessions court but he had to surrender his passport.
KUALA LUMPUR: A former banker was charged in two sessions courts here today with six counts of money laundering and fraud related to the purchase of shares amounting to RM808,000 in 2013.
Lau Min Thung, 43, pleaded not guilty after the charges against him were read before judges Norma Ismail and Suzana Hussin.
In one court, the man was charged with three counts of indirectly engaging in transactions involving proceeds of illegal activities, namely the use of RM808,000 in a stock trading account belonging to Ong Chu Lee, 41, and Yeong In Shern, 36, between February 2013 and April 2014 at CIMB Investment Bank Bhd, Taman Melaka Raya. Melaka.
The charges were framed under Section 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Amla) which carries a maximum fine of RM5 million or up to five years in prison, or both, if convicted.
In another court, he was slapped with two charges over indirect involvement in fraud related to the purchase of shares involving MMC Corporation Bhd and Cuscapi Bhd, and causing Yap Kim Sim, 71, and Khu Tee Sing, 78, to buy cheques worth RM303,000 each, purportedly for the purchase of Axiata Global Bhd term bonds which did not actually exist.
The cheques were instead deposited into the stock trading account of Ong, which was controlled by the accused, according to the charges.
Lau was also charged with indirect involvement in fraud related to the purchase of shares involving CWorks Systems Bhd and Oceancash Pacific Bhd, and causing Lau Keng Keong, 68, to buy a RM202,000 cheque purportedly for the purchase of non-existent Axiata Global term bonds.
Instead, the charge read, the cheque was deposited into Yeong’s stock trading account, which was also controlled by the accused.
The offences were allegedly committed at the same time and place under Section 179(b) of the Capital Markets and Services Act 2007, which is punishable by a maximum jail term of 10 years and a fine of up to RM1 million, upon conviction.
Lawyer Azalea Nazihah Zulkifli, representing the accused, applied for a low bail on grounds that her client was the main breadwinner for his family and had always cooperated with investigations.
Lau was allowed to post bail at RM200,000 on all charges with one surety but was ordered to surrender his passport and report to the Securities Commission Malaysia office once a month until the case is disposed of. - FMT

---