ALOR STAR: Two businessmen of an investment company pleaded not guilty at the Sessions Court, here, today to two counts of illegal deposit-taking, four years ago.
The accused, Ooi Kooi Lam, 61, and Loh Kim Yong, 62, claimed trial to the charges which were read to them before Judge Sharifah Norazlita Syed Salim Idid.
In the first charge, both men were accused of accepting cash for investment from the public without a licence at an Alliance Bank branch in Alor Star, between July and December, 2015.
For the second charge, they were alleged to have committed the same offence at the same location between January and December 2016.
Both were today jointly charged under Section 137 (1) and Section 137 (2) of the Financial Services Act 2013 (Act 758).
If found guilty, Ooi and Loh faced a maximum fine of RM50 million or imprisonment for up to 10 years or both.
The prosecution was handled by Deputy Public Prosecutor Mohd Alif Farhan Hassan while both the accused were represented by lawyer, Eng Yuh Pei.
Earlier, Mohd Alif proposed a RM10,000 bail for both of the accused. Eng however requested that the bail be reduced, citing that one of his clients, Ooi is suffering from high blood pressure and diabetes.
"Also, Loh is only an insurance agent with RM2,500 monthly income." he said.
The court allowed them bail of RM8,000 in one surety each and set next July for mention.