Businessman on multiple investment scam charges now faces money laundering counts of over RM1 million
HIDIR REDUAN
New Straits Times14 December 2017
KUANTAN: A businessman already saddled with multiple investment scam charges now faces 26 counts of money laundering totaling over RM1 million.
Sheikh Saidey Nor Sheikh Abdul Rahman appeared composed when he claimed trial to all charges read to him at the Sessions Court here today.
The 26-year-old, who is the director and owner of several companies, was charged with using multiple current accounts at several commercial banks here for money laundering.
Saidey - who is the director of MF Asia Holdings Sdn Bhd and IHG Utama Sdn Bhd as well as the owner of Safwah Orchid Resources - was purported to have used the accounts linked to these companies.
He was also alleged to have used current accounts belonging to himself, his 42-year-old wife Sofia Affendi, and that of companies Borneo East Resources, Al-Maqam Enterprise, Al-Maqam Trading, and SNS Sofia resources.
In his capacity as director of Yayasan IHG, he was alleged to have used RM689,280 in illegal proceeds to buy two units of a two-storey shoplot in Kuala Kuantan here.
He purportedly possessed RM100,968.04 and RM299,983.94 of proceeds from money laundering, which were kept in two separate current accounts at commercial banks here.
He was also accused of possessing currencies in multiple denominations - ringgit, Thai baht, Indonesian rupiah and Saudi riyal - collectively valued at RM5,885.41.
Saidey allegedly committed all the offences at several commercial banks and a hotel here between Nov 27, 2015, and Oct 30 last year.
If convicted under Section 4 (1) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA), he could be jailed up to 15 years; and fined five times the amount of illegal proceeds involved, or RM5 million, whichever is higher.
Deputy public prosecutor Idamasliza Maarof applied for the court to transfer the case to a Sessions Court in Kuala Lumpur, where Saidey as a similar case pending.
She said this was necessary so that all cases could be heard together before the same court.
She also sought for the court to retain the same RM10,000 bail imposed by the Kuala Lumpur Sessions Court.
Saidey's lawyer S.M. Karunananthan told the court that the defence had no objection to the prosecution's application.
Judge Siti Aminah Ghazali allowed the application and set mention on Jan 11 before the Kuala Lumpur Sessions Court.
in January and February, Saidey was hauled to several courts in Johor Baru and Kuala Lumpur to face charges linked to investment scams involving hotels in Mecca and Medina, Saudi Arabia. © New Straits Times Press
