Woman claims trial to accepting unlicensed deposits

KUCHING: A 40-year-old woman claims trial to illegally accepting deposits totalling RM1 million without the necessary licence under the Financial Services Act 2013.

Pui Hui Lee pleaded not guilty to three charges under Section 137 (1) of the Financial Services Act 2013, in two separate Magistrates Courts yesterday.

She faces a maximum jail term of 10 years, up to RM50 million fine or both, upon conviction.

According to the charges, she is alleged to have accepted the deposits from a 46-year-old woman without a license, as required by Section 10 of the Financial Services Act 2013.

She is also accused of using the name of a recording studio and event management company to accept deposits purportedly for organising the 2022 Borneo Music Festival.

She committed the offences between May 2021 to December 2021 in the company’s office at Jalan Keranji.

Magistrate Syarifah Fatimah Wan Ali granted the accused bail of RM20,000 with a local surety for one charge.

Meanwhile, Magistrate Mason Jaro Lenya Barayan also granted cash bail of RM20,000 with a local surety for three other charges.