Bandar Seri Begawan – One of the most eagerly read cases in recent times may come to an end soon following the guilty pleas of Pan Phoenix Dina (B) Sdn Bhd and its last remaining director.
Following the arrest of Hasri bin Mohd Noor two nights ago in Malaysia, his appearance in the High Court to answer to the joint charge was expedited yesterday as he entered a plea of guilty and on behalf of the company as well.
The charge, which Md Azlan bin Hj Md Yussof and Hj Abdul Hamid bin Hj Simpol admitted to earlier, states that all four defendants, from March to September 2007, were involved in receiving deposits from people amounting to $5,775,000 without being in possession of a valid licence issued under Section 4 (1) of the Banking Order 2006 to carry out banking activities.
The penalty for this offence, in contravention of Section 93 (1) of the Banking Order 2006 and Section 107 of the Banking Order 2006, carries a fine not exceeding $10 million, imprisonment for a term not exceeding 10 years or both.
Further mention of the case as scheduled earlier will be August 9, 2010.
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