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Investment firm’s CEO, MD may face jail time

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BUTTERWORTH: The chief execu­tive officer and managing director of an investment company have been charged in two separate Sessions Courts here with 30 counts each of accepting nearly RM750,000 in deposits without a valid licence.

Day in court: Mohd Nasri and Abdul Wahab being escorted to the Butterworth Court, Penang. — ZHAFARAN NASIB/The Star

They were charged under Section 137 of the Financial Services Act 2013, punishable under Section 137 of the same Act, which carries up to 10 years’ jail, a fine of up to RM50mil or both, upon conviction.In the first Sessions Court before judge Noor Aini Yusof, Mohd Nasri faced 16 charges of accepting deposits and three more of accepting the deposits without a valid licence while abetting Abdul Wahab for the same purpose.

In the same court, Abdul Wahab was slapped with 10 charges of accepting the deposits without a valid licence while abetting Mohd Nasri for the same amount of money.

 

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