KUALA LUMPUR: A former businessman was sentenced to four years in prison by the Sessions Court here, today, after being found guilty of accepting deposits of more than RM130,000 without a valid licence for investment purposes, 10 years ago.
Judge Kamarudin Kamsun sentenced Chow Sian Poh, 65, to jail after finding that the defence failed to raise reasonable doubt against the accused at the end of the defence case.
The court also ordered the accused to serve his prison sentence starting today.
However, the court allowed the request of lawyer Hermes Media Putra Ibrahim, who represented Chow, to postpone the jail sentence by increasing the bail, from RM20,000 to RM50,000.
According to the charges, Chow was charged with taking deposits, amounting to RM130,350.07, from the director of a computer company, Siaw Hum Kiow, 63, without a valid licence granted under Section 10 of the Financial Services Act 2013, at a bank in Bandar Sri Permaisuri, Cheras, here, between July 18 and July 31, 2014.
The charge was framed under Section 137 (1) of the Financial Services Act 2013 and can be punished according to Section 137 (2) of the same law, which provides for a maximum prison sentence of 10 years or a fine of up to RM50 million, or both, upon conviction.
According to the facts of the case, the accused, who met the victim (Siaw) around April or May 2014, had invited the latter, whom he had known for the past 15 years, to invest in shares listed in the market in London and managed by a successful businessman who owns casino investments in Jeju Island, South Korea.
The victim, who was interested in the offer, made four money transfers into the account designated by the accused and received share ownership certificates. However, the victim did not receive any return on the investment.
Deputy public prosecutor, Muhammad Aiman Azhan, appeared for the prosecution.
A total of seven prosecution witnesses and one defence witness, namely the accused, testified at the trial.
