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KUALA LUMPUR (Dec 4): Former 1Malaysia Development Bhd (1MDB) executive director of business development Casey Tang Keng Chee is set to be charged in absentia in court today for allegedly committing criminal breach of trust (CBT) and money laundering totaling US$2.41 billion.
It is understood that the prosecutors will ask court to issue warrant of arrest against him.
Tang faces three separate charges.
In the first charge, he has been accused of having dominion over 1MDB’s property amounting US$700 million and committed CBT in respect of the said property.
Tang is to be charged under section 409 of the Penal Code [Act 574].
Upon conviction, he is liable to imprisoned not less than two years and not more than 20 years; and whipping and also fine.
On the second charge, Tang has been accused of laundering US$1.70 billion being proceeds of unlawful activity received into the account of ACME Time Ltd’s account in RBD Coutts Bank Ltd in Singapore.
The third charge relates to money laundering US$5 million received from Alsen Chance Holdings Ltd’s account into Totality Ltd’s account in BSI Bank SA in Switzerland.
For the second and third charges, Tang has been accused of committing an offence under paragraph 4(1)(a) of the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 [ Act 613 ], punishable under subsection 4(1) of the same Act.
He faces a fine not exceeding five million ringgit or imprisonment not exceeding five years; or both. — theedgemarkets.com
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