ID :
88057
Fri, 11/06/2009 - 01:27
Auther :
Shortlink :
https://oananews.org//node/88057
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COURTROOM LOCKED TO FACILITATE COUNTING OF ABOUT US$1.31 MILLION
KUALA LUMPUR, Nov 5 (Bernama) -- A Sessions Court room here was locked for
more than two hours Thursday to enable Bank Negara officers and staff of a money
changing company to verify more than RM4.48 million (US$1.31 million) in various
currencies was accounted for before returning the money to the owners as ordered
by the court.
The courtroom was closed at about 10.30am and two counting machines were
used to count the notes which was kept in two special boxes and the task
ended at about 1pm.
The currencies had been in Bank Negara (Malaysia's Central Bank)'s safe
since it was confiscated from a money changing company, Syarikat K L Resources
Sdn Bhd, last year.
On Thursday, two money changers and their company were fined a total of
RM105,000 by the court after they pleaded guilty to seven counts of violating
the Money Changing Act 1998 by holding currencies in excess of the amount
allowed by Bank Negara.
Kamarul Jaman Mydin, 60 and Mohd Rafik Abdul Rahman, 43, were fined RM15,000
each for possesing various denominations of foreign currencies worth RM3.49
million at their outlet at Wisma MPL, Jalan Raja Chulan at about 12.25pm on
June 17, 2008.
Both of them were fined RM15,000 each for committing a similar offence
involving currencies worth RM648,138 at the same plast on Sept 18, 2008.
Kamarul Jaman and Mohd Rafik, as directors of the company, were also fined
RM15,000 each on three counts of committing offences at the same place on June
17 and Sept 18, 2008.
Judge S.M. Komathy Suppiah ordered that the currencies confiscated from the
premises during Bank Negara's raids, amounting to RM4.4 million, be returned to
the company.
Earlier, prosecuting officer Fahmi Abd Moin of Bank Negara told the court
that he would be be tendering the currencies in the court and needed at least
two hours to count the money using counting machines.
However, counsel Vazeer Alam Mydin Meera said the defence was not
challenging the currencies which were in two boxes and accepted them as tendered
since it involved a tedious process.
Komathy agreed with Vazeer Alam and directed Fahmi to just open the boxes to
confirm the money were in the boxes.
During mitigation, Vazeer Alam told the court that his client had suffered
losses since the raid where Bank Negara revoked their licence and 22 staff had
lost their jobs.
Besides that, his clients were expected to suffer losses of more than
RM300,000 due to depreciation of foreign currency even though the court had
ordered the return of the RM4.48 million.
Fahmi said the intention of Section 29(1) of the Money Changing Act 1998 was
to give fair share of business to all the money changers in the country and stop
a few companies from dominating the currency business.
He said the Act also provided that companies which intended to hold more
than RM250,000, could apply to the Finance Ministry but K L Resources did not
summit such application. (US$1=RM3.42)
-- BERNAMA
more than two hours Thursday to enable Bank Negara officers and staff of a money
changing company to verify more than RM4.48 million (US$1.31 million) in various
currencies was accounted for before returning the money to the owners as ordered
by the court.
The courtroom was closed at about 10.30am and two counting machines were
used to count the notes which was kept in two special boxes and the task
ended at about 1pm.
The currencies had been in Bank Negara (Malaysia's Central Bank)'s safe
since it was confiscated from a money changing company, Syarikat K L Resources
Sdn Bhd, last year.
On Thursday, two money changers and their company were fined a total of
RM105,000 by the court after they pleaded guilty to seven counts of violating
the Money Changing Act 1998 by holding currencies in excess of the amount
allowed by Bank Negara.
Kamarul Jaman Mydin, 60 and Mohd Rafik Abdul Rahman, 43, were fined RM15,000
each for possesing various denominations of foreign currencies worth RM3.49
million at their outlet at Wisma MPL, Jalan Raja Chulan at about 12.25pm on
June 17, 2008.
Both of them were fined RM15,000 each for committing a similar offence
involving currencies worth RM648,138 at the same plast on Sept 18, 2008.
Kamarul Jaman and Mohd Rafik, as directors of the company, were also fined
RM15,000 each on three counts of committing offences at the same place on June
17 and Sept 18, 2008.
Judge S.M. Komathy Suppiah ordered that the currencies confiscated from the
premises during Bank Negara's raids, amounting to RM4.4 million, be returned to
the company.
Earlier, prosecuting officer Fahmi Abd Moin of Bank Negara told the court
that he would be be tendering the currencies in the court and needed at least
two hours to count the money using counting machines.
However, counsel Vazeer Alam Mydin Meera said the defence was not
challenging the currencies which were in two boxes and accepted them as tendered
since it involved a tedious process.
Komathy agreed with Vazeer Alam and directed Fahmi to just open the boxes to
confirm the money were in the boxes.
During mitigation, Vazeer Alam told the court that his client had suffered
losses since the raid where Bank Negara revoked their licence and 22 staff had
lost their jobs.
Besides that, his clients were expected to suffer losses of more than
RM300,000 due to depreciation of foreign currency even though the court had
ordered the return of the RM4.48 million.
Fahmi said the intention of Section 29(1) of the Money Changing Act 1998 was
to give fair share of business to all the money changers in the country and stop
a few companies from dominating the currency business.
He said the Act also provided that companies which intended to hold more
than RM250,000, could apply to the Finance Ministry but K L Resources did not
summit such application. (US$1=RM3.42)
-- BERNAMA
