Tuesday 4 February 2014

LTKM Chairman missing in action? (3)

I posted twice about this case, here and here and several times about the Genneva gold trading scandal.

According to this article from Bernama, the previous Chairman of LTKM is not missing in action anymore.

Again, the charge is not related to a pyramid scheme, but to illegal deposit taking, apparently that is more easy to prove (BNM lost the first case regarding a pyramid scheme, they are appealing).

I guess there are more ways to skin a cat, Al Capone was not convicted for his crimes but for tax evasion.

I just hope for two things in the Genneva case:
  • A healthy dose of justice;
  • Lots of transparency in what really happened and why it took so long time before action was taken.
Hopefully one day there will be a book written by an investigative reporter revealing all, similar to "PKFZ: A Nation’s Trust Betrayed".

Another Genneva Director Brings Total Charged To 16 Individuals

KUALA LUMPUR, Feb 4 (Bernama) -- Another Genneva (M) Sdn Bhd director was charged at the Sessions Court here Tuesday for illegal deposit-taking amounting to RM5.5 billion, bringing the number of individuals charged in the gold investment case to 16 so far.

Ahmad Khairuddin Illias, 55, pleaded not guilty to two counts of illegal deposit for a gold scheme, under Section 25(1) of the Banking and Financial Institutions Act 1989, which is punishable by up to 10 years jail or maximum of RM10 million or both, upon conviction.

He is accused of committing the offence through two current accounts at CIMB Bank Berhad, Jalan Kuchai Lama branch here between Jan 10 2011 and Oct 1 2012.

Bank Negara Malaysia (BNM) prosecuting officer Fahmi Abd Moin applied for Ahmad Khairuddin's case to be tried jointly with the 15 other individuals charged earlier.

Judge Mat Ghani Abdullah set bail at RM500,000 with one surety and ordered the accused's passport to be impounded.

The court also scheduled Feb 20 for mention and submissions on the prosecution's application for the all the cases to be jointly tried.

Lawyer Mohd Hairani Samsi represented Ahmad Khairuddin.

Between Sept 2013 to date, BNM has charged 16 individuals, including the accused, and 10 companies on 1,550 counts in relation to gold investment schemes amounting to RM5.5 billion.

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