Grant Thornton managing partner charged with money laundering involving RM115m

KUALA LUMPUR (3 November): Datuk CR Narendrakumar, managing partner of Grant Thornton Malaysia, was arraigned in Sessions Court here on Thursday and charged with money laundering involving RM115 million, which was allegedly committed four years ago .

Narendrakumar, 72, pleaded not guilty before Judge M Bakri Abd Majid.

Narendrakumar has been accused, as receiver and director appointed by Grant Thornton Consulting Sdn Bhd to represent Sabah Forest Industries, of transferring RM115 million, believed to be the proceeds of illegal activities, through 12 online transactions from a CIMB Bank Berhad current account owned by Sabah. Forest Industries in a CIMB Islamic Bank Berhad fixed deposit account of the same company.

He was charged with committing the offense at CIMB Bank Berhad, Jalan Tuanku Abdul Rahman branch here on February 5, 2018.

The charge, made under section 4(1)(b) of the Anti-Money Laundering, Terrorist Financing and Proceeds of Unlawful Activities Act 2001, carries a sentence of imprisonment of up to 15 years and a fine of not less than five times the proceeds of the illegal activities, or RM5 million, whichever is greater, if found guilty.

The court granted him bail of RM350,000 with two sureties and set January 5 next year as a notice for the submission of documents.

Assistant Prosecutor Noor Zalizan Lazarous prosecuted, while attorney AG Kalidas represented Narendrakumar.

On September 14, Narendrakumar, in his capacity as director and receiver at Sabah Forest Industries Sdn Bhd, was charged with eight counts of breach of trust in the amount of RM2.38 million involving funds belonging to Pelangi Prestasi Sdn Bhd.

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