Foreign currency buy: Man to enter defence
Published on: Friday, September 23, 2011
Kota Kinabalu: A 31-year-old businessman charged with two counts of buying foreign currency without the permission of Bank Negara was ordered to enter his defence by the Sessions Court here Thursday.Judge Ismail Brahim, in his ruling, held that the prosecution had established a prima facie case against Adrian Lee Kah Chieh.He set Oct 11 and 12 for Lee's defence.ADVERTISEMENT
Lee, who is defended by counsel Ram Singh, confirmed to the court that he will give his evidence under oath and that the defence would be calling two witnesses, including Lee.Earlier, the prosecution tendered to the court two amended charges against Lee, which Lee denied.On the first amended charge, Lee is accused of committing the offence between June 2006 and Dec 31, the same year at Suite 6 - 08B, 6th Floor, Menara MAA, Lorong Api-Api 1, here.According to the charge, Lee allegedly did an act that was preparatory to buying foreign currency from a person outside Malaysia, to wit, Golden Equities Limited, with a registered address at Level 2, Windsor Court, 128-136, Parnell Road, Auckland, New Zealand, without the permission of the Controller and not an authorised dealer in Malaysia.ADVERTISEMENT
The offence is framed under Section 4(2) of the Exchange Control Act 1953 and punishable under the Fifth Schedule, Part II, paragraph 7(2) of the same Act, which provides for a fine of up to RM10,000 or up to three years jail, or both, on conviction.On the second amended charge, Lee allegedly committed the offence between Jan 1, 2007 to Feb 28, 2007 at the same place.
ADVERTISEMENT
According to the charge, Lee did an act that was preparatory to buying foreign currency from a person outside Malaysia, to wit, Golden Equities Limited, with a registered address at Level 2, Windsor Court, 128-136, Parnell Road, Auckland, New Zealand, without the permission of the Controller and not an authorised dealer in Malaysia.The charge is framed under Section 4(2) of the Exchange Control Act 1953 and punishable under the Fifth Schedule, Part II, paragraph 7(2A) of the same Act, which provides for a fine not exceeding RM1 million or imprisonment for a term not more than five years, or both, on conviction.Lee was originally charged with committing the offence between June 2006 and Feb 28, 2007, at Suite 6 - 08B, 6th Floor, Menara MAA, Lorong Api-Api 1, here.He allegedly did an act that was preparatory to buying foreign currency from a person outside Malaysia, to wit, Golden Equities Limited, with a registered address at Level 2, Windsor Court, 128-136, Parnell Road, Auckland, New Zealand, without the permission of the Controller and not an authorised dealer in Malaysia.The offence was framed under Section 4(2) of the Exchange Control Act 1953 and punishable under the Fifth Schedule, Part II, paragraph 7(2A) of the same Act which provides for a fine not exceeding RM1 million or imprisonment for a term not more than five years, or both.Before the court made its ruling, Ram told the court that he was instructed by his client not to make submission at the end of the prosecution's case.The prosecution had called 25 witnesses in the trial which commenced on July 12, 2010 before closing its case on June 14 this year.Stay up-to-date by following Daily Express’s Telegram channel.
Daily Express Malaysia
