Ex-company director charged with RM5.5mil CBT, money laundering
Former ARB Development director Liew Kok Leong has been charged in Malaysian courts with criminal breach of trust and money laundering involving millions of ringgit. He has pleaded not guilty and was released on bail with strict reporting conditions.
Why it matters
This case represents a significant legal action against corporate malfeasance in Malaysia's property development sector.
Two separate Kuala Lumpur sessions courts granted Liew Kok Leong total bail of RM200,000.
KUALA LUMPUR: Former ARB Development Sdn Bhd director Liew Kok Leong was charged today with criminal breach of trust involving RM5.5 million and money laundering involving RM403,000.
Liew, 53, pleaded not guilty to both charges, which were read before separate sessions court judges – Ilmami Ahmad and Suzana Hussin.
Before Ilmami, Liew claimed trial to a CBT charge involving the alleged misappropriation of RM5.5 million belonging to ARB Development, which was intended to finance the purchase of a 51% equity stake, comprising 255,000 ordinary shares, in C&M Renewable Energy Technology Sdn Bhd.
He is accused of transferring the funds to Messrs Ivan & Co for onward transfer to a bank account belonging to Er Yan Shuen, purportedly for the purchase of three office lots in Ipoh, Perak.
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