Money-changing firm charged with with transferring RM 17 mil abroad

Published: Thursday December 23, 2010 MYT 5:47:00 PM
Updated: Thursday December 23, 2010 MYT 6:32:35 PM
Money-changing firm charged with transferring RM17mil abroad
By K. KASTURI DEWI

GEORGE TOWN: A money-changing company and two of its directors claimed trial in a Sessions Court to allegedly transferring funds involving RM17mil abroad for a third party and failing to keep records of the transactions.

The company, R. Kalander Sdn Bhd, and its directors, Kalander Mydin R. K. Abdul Jabbar, 46, and Mohamad Imtiaz Rajah Mohamed, 33, were each charged with five counts of allegedly remitting funds of between RM3mil and RM4mil between July 23, 2008 and Aug 27 last year.

The company and the directors were also charged with five counts each of failing to keep records of transactions above RM20,000.

The offences were allegedly committed at the company’s premises at 74, Lebuh Pantai over the same period.

The charge of illegally remitting funds abroad for third parties under Section 30(1)(a) of the Money Changing Act 1998, carries a maximum fine of RM100,000.

The offence of failing to keep records of transactions above RM20,000 under Section 13 of Anti-Money Laundering Act 2001 and Anti Terrorism Financing Act 2001, carries a maximum fine of RM250,000 upon conviction.

Sessions judge Roslan Hamid set bail of RM250,000 with one surety for each of the two directors, and ordered them to surrender their passports to the court.

He fixed Jan 25 to mention the case.

Kalandar Mydin and Mohamad Rajah were not represented.

Bank Negara’s Muhd Shukri Ahmad Mansor and Muhamad Riduan Baba together with Deputy Public Prosecutor Pang Chuin Keat appeared for the prosecution.