A former director of Asia Ceramic Marketing Sdn Bhd, Lim Long Yew, was sentenced to a total of 1,942 years in jail and fined $494,000 on 481 counts of money laundering and illegal deposit-taking last week in Malaysia.
Leong Guan Yeu, another former director of the company, was sentenced to 139 years in jail and fined $55,700 for nine counts of illegal deposit-taking and 130 counts of money laundering, Bernama reported.
Fortunately for the defendants, the sentences will run concurrently.
That means Lim will spend about 10 years in jail and Leong will serve two years.
The Sessions Court said Lim transferred illegal proceeds from his personal account to the company’s bank accounts and accepted ill-gotten money into the company’s accounts at various locations between June 2008 and October 2009.
He was also charged with nine counts of illegal deposit-taking on behalf of the company in his capacity as a director.
Leong was charged with accepting, transferring and holding illegal proceeds in the company’s accounts during roughly the same time period.
Judge Datuk Jagjit Singh Bant Singh said the defense had failed to raise any reasonable doubt in the prosecution’s case.
Julie DiMauro is the executive editor of FCPA Blog and can be reached here.