SHAH ALAM: The owner of Golden Nest Properties International (M) Berhad was yesterday sentenced to one day’s jail and fined RM145,000 by the Sessions Court on 29 counts of organising an unlicensed scheme and money laundering amounting to almost RM1 million.
Judge Mat Ghani Abdullah sentenced Datuk Wong Sen Chiew after he pleaded guilty to committing the offences. He sentenced Wong to one day’s jail and fined him RM5,000 or five months’ jail for each offence, the jail terms to run concurrently.
Wong, 56, admitted to one count of organising a “birds nest cultivation” scheme where he collected investments from the public by promising them guaranteed returns.
He committed the offences at his office at Unit A-19-1, 1st Floor, Block A, Jaya One at No 72A, Jalan Universiti in Petaling Jaya between Nov 28, 2008, and Oct 1, 2009.
Wong also pleaded guilty to 28 counts of money laundering amounting to RM975,580.61, which he used to buy shares and pay commissions to companies.
These offences were committed at his office and several banks including AmBank (M) Berhad, Public Bank Berhad and CIMB Bank Berhad, between Dec 2, 2008 and Oct 1, 2009.
According to the facts, the Companies Commission of Malaysia investigated the case and found Wong to be responsible for the company’s operation.
The company claimed to have a swiftlet farming area measuring 20,000 sq ft in Jalan Kapar, Klang. The investment period spanned five years.
Investors were promised a RM2,000 cash, buffet vouchers at seven luxury hotels, a RM20 petrol voucher and a Touch ‘n Go card worth RM25. They were also promised monthly passive return of investment for 99 years.
Investigations revealed that the company collected more than RM2 million from the scheme and that the company’s swiftlet farming area in Klang never existed.
The facts also stated that Wong had returned all the money to the investors.
DPP Mardziatun Nisa Ahamadul Kaber and prosecuting officer Mohd Zulkhairi Kamaruzaman from CCM prosecuted, while counsel S. Prakash represented Wong.
Source: News Straits Times
Published: Tuesday, December 4, 2012