Businessman Nicky Liow, whose full name is Liow Soon Hee, has been acquitted of 26 money laundering charges involving more than RM36 million after the prosecution withdrew the case three years ago.
His lawyer, Datuk Rajpal Singh, said the Attorney General’s Chambers (AGC) decided not to proceed with the prosecution after accepting representations submitted by the defence.
Rajpal said Liow was formally acquitted and discharged on June 15, 2023. He added that the businessman had also settled RM400,000 in outstanding taxes with the Inland Revenue Board (LHDN), resolving separate charges related to income tax return submissions under the Income Tax Act.
“The AGC accepted the representations we submitted, and Nicky was acquitted and discharged on June 15, 2023,” Rajpal said when contacted by the media.
On April 12, 2022, Liow, 38, pleaded not guilty at the Sessions Court to all 26 charges.
According to the charge sheets, Liow and three companies were accused of directly engaging in transactions involving proceeds from unlawful activities, as well as two counts of possessing proceeds derived from illegal activities amounting to more than RM36 million.
The offences were allegedly committed at Malayan Banking Berhad branches in Bandar Puteri Puchong and Ampang between 2016 and 2021.
The charges were brought under Section 4(1)(a) and Section 4(1)(b) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLA).
The offence carries a maximum penalty of 15 years’ imprisonment and a fine of not less than five times the value of the proceeds of the unlawful activity or RM5 million, whichever is higher, upon conviction.
