Gold firm bosses slapped with record 926 charges

Four former high-ranking officers of a gold trading company stood in the dock today, facing a record number 926 charges involving transactions amounting to whopping RM1.5 billion.

The four, from Genneva Malaysia Sdn Bhd, were charged in a sessions court in Kuala Lumpur under the Banking and Financial Institutions Act 1989, Anti-Money Laundering Act 2001 and Trade Descriptions Act 2011.

They are Philip Lim Jit Meng, Tan Liang Keat, Lim Hah Heng and Ng Poh Weng.

Two of the officers, both former directors of the company, had earlier pleaded guilty in another sessions court to making false statements on a website that gold trading was in line with syariah principles.

Jit Meng, 56, and Tan, 41, had allegedly made the false statement on a website (www.gennevaworld.com.my) between Feb 16 and Oct 10, 2012, at 52A-1, Jalan Kuchai Maju 6, Off Jalan Kuchai Lama, Kuala Lumpur.

The offence under Section 18 (1) of the Trade Descriptions Act 2011 carries a fine of not more than RM250,000 and imprisonment for not more than three years, or both, upon conviction.

Bail of RM20,000 each granted

Both Jit Meng and Tan were granted bail of RM20,000 with one surety each.

In another sessions court, the 926 charges were this evening still being read out to the Jit Meng, Tan, Hah Heng and Ng from Genneva Malaysia.

Under the 10 Banking and Financial Institutions Act charges, the four are accused of having received deposits from the public for a scheme involving gold transactions through a current account in the CIMB Bank branch on Jalan Kuchai Lama, without a valid licence as required under Subsection 6(4) of the Act, between Oct 1, 2011 and Oct 1, 2012.

The offences, under Section 25 (1) of the same Act, carriy a fine of not more than RM10 million upon conviction. 

On the 10 Banking Act charges, all four claimed trial and sessions judge Mat Ghani Abdullah granted them bail of RM1 million on one surety each.

Earlier, deputy public prosecutor Dzulkifli Ahmad argued that bail should not be allowed as the offences were serious, considering that the amount collected was RM5.5 million, from 35,000 depositors.