KUALA LUMPUR: A former manager of an investment company today claimed trial at the Sessions Court to two charges of assisting in illegal deposit-taking amounting to some RM230 million.
Hoo Choon Cheat, 37, is alleged to have assisted the management of Sunshine Empire Sdn Bhd in accepting deposits from depositors without a valid licence at Block A-11-1, Penthouse Menara Uncang Emas, 85 Jalan Loke Yew, near here between July 14 and Oct 17, 2006.
He was charged with committing the second offence at the ground and first floors of the KUB.com building, 12 Jalan Yap Kwan Seng, near here, between Oct 18, 2006 and April 4, 2008.
The charges under Section 25(1) Banking and Financial Institution Act 1989 (Act 372) carries a jail of up to 10 years, or a fine not exceeding RM10 million or both for each offence, upon conviction.
Prosecuting officer Alvin Ong Heng Kiat, from Bank Negara requested a joint trial for Hoo for both charges and RM1 million in one Malaysia surety.
"This is a serious offence because amount involvd was RM230 million and the accused faces a jail term of 10 years, RM10 million fine or both, for each offence. He also hold permanent residency status in Singapore and therefore his passport should be surrendered to the court."
Defence counsel Nur Lisa Ahmad Zamani in seeking a reduced bail for her client said Hoo was jailed for seven years in Singapore for two offences (fraudulent trading and criminal breach of trust).
"My client has been very cooperative during investigations."
Judge Azman Ahmad set bail at RM2 million with two Malaysia sureties, and ordered Hoo to surrender his passport to the court and report to the nearest police station the first week of the month, pending disposal of the case.
The case has been fixed for mention on Sept 19.