Thursday, May 19, 2022

Businessman Nicky Liow claims trial to laundering more than RM36 million

If convicted, he could face jail of up to 15 years and a fine of not less than five times the total amount of proceeds from the illegal activity or RM5 million, whichever is higher.

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Businessman Nicky Liow Soon Hee today pleaded not guilty to 26 counts of money laundering and possession of illegal money amounting to more than RM36 million from 2016 to last year at the Sessions Court in Shah Alam.

Liow, 34, made the plea after the charges were read by an interpreter before judge Helina Sulaiman.

According to the first to 24th charges, Liow and three companies linked to him were charged with directly engaging in transactions from money laundering activities over RM33.7 million under Paragraph 4 (1)(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds from Unlawful Activities Act 2001 (AMLATFPUAA 2001) which is punishable under Subsection 4 (1) of the same act.

On the other two charges, he was accused of possessing receipts of money from the same activities involving more than RM2.29 million under Paragraph 4 (1)(b) of AMLATFPUAA 2001, punishable under Subsection 4(1) of the same act.

The offences were allegedly committed at two banks in Bandar Puteri Puchong and Ampang town from 2016 to 2021.

If convicted, Liow could be jailed for a maximum of 15 years and fined not less than five times the total amount or value of proceeds from the illegal activity or equipment of the offence at the time the offence was committed or RM5 million, whichever is higher.

The prosecution was conducted by deputy public prosecutor Noor Zalizan Lazarous, Rozaliana Zakaria and Syafinas Shabudin while Liow was represented by Rajpal Singh, Jay Moy Wei Jiun and Mardhiyah Siraj.

Deputy public prosecutor Noor Zalizan earlier asked the court to impose bail of RM3.6 million with two sureties with Liow to report himself to the Bukit Aman Commercial CID and hand over his passport to the court.

Counsel Rajpal agreed with the application of the prosecution but appealed for bail of below RM1 million.

The court allowed bail at RM1 million to be paid in instalments today and tomorrow with two guarantors. Liow was also told to report to Bukit Aman Commercial CID twice a month and surrender his passport to the court.

The case will be mentioned on May 26.

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