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SHAH ALAM - Businessman Nicky Liow’s case involving 26 money laundering charges resurfaced after the Attorney General’s Chambers (AGC) clarified why the prosecution was withdrawn and disclosed that a RM10 million compound had been paid.
Liow, whose real name is Liow Soon Hee, was originally charged in April 2022 over transactions allegedly linked to proceeds from unlawful activities.
Here are six key facts about the case:
1. Liow faced 26 money laundering charges Liow, who was 38 when he was charged, was brought before the Shah Alam Sessions Court on April 12, 2022, where he pleaded not guilty to 26 offences under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA).
The charges involved Liow and three companies and concerned transactions allegedly involving proceeds from unlawful activities, as well as allegations of possessing such proceeds.
The total amount involved exceeded RM36 million.
The alleged offences took place between 2016 and 2021 at Malayan Banking Berhad branches in Bandar Puteri Puchong and Ampang.
2. The charges carried potentially severe penalties The charges were brought under Section 4 of the AMLATFPUAA, which deals with offences involving proceeds from unlawful activities.
If convicted, an offender can face up to 15 years’ imprisonment and a fine of at least five times the amount or value of the proceeds involved, or RM5 million, whichever is greater.
The case therefore carried significant potential criminal penalties had it proceeded to trial and resulted in convictions.
3. His defence sought to compound the charges The case was initially scheduled for trial between July and September 2023 but did not reach that stage.
Through his lawyers, Messrs Rajpal, Firah and Vishnu, Liow submitted two representations seeking to settle the charges through a compound under Section 92 of the AMLATFPUAA.
The representations were dated Dec 15, 2022 and April 6, 2023.
The AGC said it subsequently conducted a detailed assessment of the representations and the evidence gathered during investigations before agreeing to offer the compound.
4. RM10 million compound was paid in May 2023 The AGC said Liow agreed to pay a RM10 million compound, which was paid on May 29, 2023.
The settlement also included the forfeiture of a RM647,366 bond and seized properties.
The AGC stressed that the decision followed an assessment of the available evidence and was not influenced by outside pressure or public sentiment.
It said the settlement was made within the powers and discretion vested in the Attorney General under the Federal Constitution and applicable laws.
5. He was discharged and acquitted in June 2023 Following the payment of the compound, the prosecution withdrew the 26 charges.
On June 15, 2023, the Shah Alam Sessions Court ordered that Liow be discharged and acquitted of all the charges.
His lawyer, Datuk Rajpal Singh, subsequently confirmed that the AGC had accepted the defence’s representations and decided not to continue with the prosecution.
Rajpal also said Liow had settled RM400,000 in outstanding taxes with the Inland Revenue Board (IRB) in relation to separate charges involving tax return forms under the Income Tax Act.
The AGC, however, clarified that the discharge followed the compound arrangement and was not a case of Liow simply being released without legal action.
6. The case highlights AMLA’s statutory compounding mechanism The AGC’s clarification provides greater context on why the 26 charges did not proceed to trial.
Instead, the prosecution accepted the defence’s representations to resolve the matter through the statutory compounding mechanism.
After the agreed RM10 million payment and other forfeitures were completed, the prosecution withdrew the charges and the court subsequently discharged and acquitted Liow.
The AGC maintained that its decision was based on the evidence and applicable legal provisions, while stressing the importance of transparency and integrity in the criminal justice process.
The case was therefore concluded without a trial, with the 26 AMLA charges ultimately resolved through the compound arrangement and subsequent court order in June 2023.
