A businessman who was released from prison in Singapore today, and produced in a Kuala Lumpur court on the same day, has been charged with two counts of accepting deposits amounting to RM230 million without a valid license.
The founder of now-defunct multi-level marketing company Sunshine Empire, James Phang, had pleaded not guilty to the charges under the Banking and Financial Institutions Act.
The first offence was allegedly committed at Menara Uncang Emas on Jalan Loke Yew between July 14 and October 17, 2006.
The second offence was allegedly committed at Bangunan KUB.com on Jalan Yap Kwan Seng between October 18, 2006 and April 4, 2008.
Sessions Court judge Hasbullah Adam fixed bail at RM1 million for each charge and ordered the accused to provide two Malaysians residing in Kuala Lumpur or Selangor to be bailors.
The court also set January 26, 2018 for case mention. In July 2010, Phang was sentenced by a Singaporean court to nine years in jail and a S$60,000 (RM18,000) for criminal breach of trust.
He was found guilty of running a scheme that was described as "premeditated, sustained, sophisticated". Phang tricked thousands of Singaporeans into buying almost 26,000 "lifestyle packages" ranging from S$240 to S$12,000, which amounted to S$190 million. – December 21, 2017.
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