What role did directors Kau Fong Seng and Teow Wooi Huat play in the crimes?

Question

Accepted Answer

Directors Kau Fong Seng and Teow Wooi Huat Played Key Roles in Financial Crimes Involving Mface and MBI

Mface director Kau Fong Seng and MBI director Teow Wooi Huat played significant roles in the financial crimes committed by their respective companies. Kau Fong Seng was fined RM5 million for his involvement in receiving proceeds from unlawful activities, while Teow Wooi Huat was fined RM3 million for issuing payment instruments without the necessary approval from Bank Negara Malaysia (BNM). These actions contributed to the total RM20 million in fines imposed by the Ampang Sessions Court on the two companies and their directors.
Kau Fong Seng Facilitated Money Laundering Activities

Kau Fong Seng, as a director of Mface, was fined RM5 million for receiving a substantial sum of RM8,208,453.32. This amount constituted proceeds derived from unlawful activities and was channelled through a current account associated with Mface. His charge under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act highlights his direct participation in money laundering operations.
Teow Wooi Huat Was Involved in Unauthorized Payment Instrument Issuance

Teow Wooi Huat, a director of MBI, faced a RM3 million fine for his role in issuing payment instruments without the requisite approval from Bank Negara Malaysia. This action contravened the Payment System Act 2003, indicating the company's engagement in financial activities outside regulatory frameworks. MBI itself was also fined RM2.5 million for a similar offence, underscoring the systemic nature of the violation.
Mface Fined for Pyramid Scheme Promotion and Unauthorised Payments

Mface International Sdn Bhd incurred a RM7 million fine for promoting the MFC Club pyramid scheme, an offence under the Direct Sales and Anti-Pyramid Scheme Act 1993. The company also received an additional RM2.5 million fine for issuing payment instruments without BNM's approval, as stipulated by the Payment System Act 2003. These offences occurred between June 3, 2012, and March 17, 2018, at their premises in Ampang.
MBI and Teow Wooi Huat Penalised for Unauthorised Payment Instruments

MBI Marketing Sdn Bhd and its director Teow Wooi Huat were collectively fined RM5.5 million. MBI was fined RM2.5 million, and Teow Wooi Huat personally received a RM3 million penalty for the offence of issuing payment instruments without the approval of Bank Negara Malaysia. Both the company and the director committed this violation at the same Ampang location, implicating them in circumventing financial regulations.

Reading history

Hide →

This history is cleared when the page is closed.

What role did directors Kau Fong Seng and Teow Wooi Huat play in the crimes?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

2

0

0

Share with friends