Thursday February 14, 2013
Seaweed investment company boss claims trial
KUALA LUMPUR: A bankrupt claimed trial for his seaweed investment scheme company that is accused of two counts of illegal deposit- taking.
Choi Kok Peng, 48, faced the charges on behalf of AK United Sdn Bhd, which is said to have accepted deposits from the public without a valid licence at Wisma Dinari in Taman Maluri here between October 2007 and November 2008.
The offence carries a fine of up to RM10mil or jail term up to 10 years or both under the Banking and Financial Institutions Act 1989.
Prosecuting officer Mohd Shukri Ahmad Mansor from Bank Negara asked the court to deny bail.
He said Choi, who was arrested on Tuesday, had absconded after his first statement was recorded in January 2011.
This made it difficult to charge Choi together with three others for illegal deposit-taking in another court where the case was awaiting a decision, he added.
M. Edmund said his client was never issued a notice to appear for investigations.
“There is a difference between ‘could not be traced’ and ‘absconded’,” he added.
Edmund said Choi was declared bankrupt in 2001 and that he was prepared to surrender his passport.
Upon being queried by Sessions judge Azwarnida Affandi, Mohd Shukri said the case involved 6,000 depositors.
Azwarnida denied bail and set March 14 for mention.