KUALA LUMPUR: A 58-year-old Singaporean man who was just released from a prison in the Republic was brought to court here Thursday (Dec 21) over allegations of accepting illegal deposits said to amount to RM230mil. Sunshine Empire Sdn Bhd founder Phang Wah pleaded not guilty to two counts of accepting deposits without a valid licence under Section 6 (4) of the Banking and Financial Institutions Act. Bank Negara prosecuting officer Alvin Ong asked the Sessions Court to fix bail at RM1.5mil for each of the charges. "In this case, it will be proven that the deposits collected were around RM230mil," he told the court Thursday. The court also ordered for the accused to provide two Malaysians residing in Kuala Lumpur or Selangor to be bailors.

Source: The Star December 21, 2017 06:33 UTC