$2.5 million fine and jail time for father and daughter

$2.5 million fine and jail time for father and daughter

KOTA TINGGI, Malaysia - A company director and his daughter were slapped with a fine of RM6.45mil (S$2.5 million) and jail time by the Sessions Court here after it found them guilty of 27 counts of illegal deposit taking and money laundering.

Shamsudin Mahadi, 49, was sentenced to a total of 39 years in jail but was ordered to serve the terms concurrently, which is equivalent to five years, while his daughter Shafila, 26, was jailed for two years, both sentences starting from yesterday.

The two, directors of Dencomm Sales and Services Sdn Bhd, were found guilty of the offences committed between 2002 and 2010.

Shamsudin was fined RM5.45mil while his daughter was fined RM1mil for the offences.

Sessions judge Salawati Djambari convicted the duo from Tanjung Setajam, Pengerang, after finding that their defence had failed to raise reasonable doubt against the prosecution's case.

She also ordered that the accused's assets to be unfrozen under Section 55(1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001. Salawati granted a stay of execution on all the sentences pending appeal and gave Shamsudin RM60,000 bail and Shafila, RM30,000. Both posted bail.

The two were first charged in 2011 when they claimed trial to taking deposits from the public without a licence and authorisation from any bank or financial institution.

Shamsudin was also accused of committing money laundering when he paid RM660,000 for two bungalows at Jalan Impian 2/2 in Taman Impian 2 in Simpang Renggam.

Bank Negara officer Fahmi Abd Moin and DPP Mohd Farez Rahman prosecuted while the accused were represented by George Bernard.

Purchase this article for republication.

BRANDINSIDER

SPONSORED

Most Read

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.