The High Court in Kuala Lumpur today upheld a lower court's decision in acquitting and discharging three directors and one former director of gold bar investment company, Genneva Sdn Bhd (GSB), on 224 counts of money laundering and five counts of accepting deposits without permit, involving over RM100 million.

Judicial commissioner Mohamad Shariff Abu Samah made the decision after finding that the investment company was only involved in the sales and purchase of physical gold, and that there was no evidence that the company was accepting deposits without licence.

"The company gives options to the buyers whether to keep or to resell their gold bars to GSB or other parties," he said in rejecting the appeal filed by the prosecution against the Sessions Court's decision in acquitting and discharging the four men.

The court also ordered all assets seized under the Anti-Money-Laundering Act to be returned to all respondents with immediate effect.

Ng Poh Weng, 66, Marcus Yee Yuen Seng, 64, Chin Wai Leong, 40, and former GSB director Liew Chee Wah, 62 were accused of committing the money-laundering offences at Menara Public Bank, 146, Jalan Ampang in Kuala Lumpur between July 2008 and June 2009.

They were also accused of illegally accepting public deposits at Jalan Kuchai Maju 6, Persimpangan Jalan Kuchai Lama in Kuala Lumpur, between November 2008 and July 2009.

On May 16, 2013, the Sessions Court acquitted and discharged all of them after finding that their statements of defence had managed to raise reasonable doubts against the prosecution's case.

Poh Weng, Yuen Seng and Wai Leong were represented by counsel Gooi Soon Seng, while Chee Wah was represented by lawyers Nicholas Kow, Emile Ezra Hussain and Fahmi Moin.

Deputy public prosecutors Lailawati Ali and Idamasliza Maarof prosecuted.

- Bernama