KUALA LUMPUR: A Singaporean convicted of criminal breach of trust, who was released from the Singapore prison yesterday, was charged at the Sessions Court here today with two counts of accepting illegal deposits involving RM230 million 11 years ago.
Phang Wah, 58, who was just freed after serving his jail term since Dec 12, 2011, however pleaded not guilty to the offences before judge Hasbullah Adam.
On the first count, Phang as the founder of Sunshine Empire Sdn Bhd, an investment company which assisted in the company's management, was charged with accepting deposits from depositors without valid licence under Section 6 (4) of the Banking and Financial Institutions Act.
Phang allegedly committed the offence at Blok A-11-1, 13th floor Penthouse, Menara Uncang Emas, 85, Jalan Yoke Yew, in Dang Wangi here between July 14, 2006 and Oct 17, 2006.
On the second count he was charged with committing a similar offence at the ground floor and first floor of KUB.com building, 12 Jalan Yap Kwan Seng in Dang Wangi, here between Oct 18, 2006, and April 4, 2008.
The offences under Section 25 (1) Banking and Financial Institutions Act 1989 carries an imprisonment not exceeding 10 years or a fine not exceeding RM10 million or both, if convicted.
Bank Negara Malaysia prosecuting officer Alvin Ong offered RM1.5 million bail for each charge saying that the offence was non-bailable and the amount involved was huge.
"We will prove (during trial) that the deposit money received (by the accused) involves an amount close to RM230 million," he said.
In pleading for minimum bail, Phang's counsel Shah Rizal Abdul Manan said his client was just released from prison yesterday and has been jobless for six years.
"My client was just brought here (to Malaysia) yesterday.. he cannot afford to pay the amount of bail offered as he has no income and while he was in prison, he suffered from glaucoma and hearing problems and was rushed to the hospital several times.
"His family members only managed to collect about RM130,000 to pay bail," he said.
The judge after considering submissions from both sides granted RM1 million bail for each charge with two local sureties and for the accused to surrender his document of identity (a travel document issued by Singapore in lieu of the accused's passport which had expired in 2015) to the court until the disposal of the case.
The court also ordered the accused to report to the nearest police station once a month and fixed Jan 26 for mention.
Phang posted the RM2 million bail.
It was learnt that Phang was convicted and jailed for criminal breach of trust charges in Singapore.