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Businessman Nicky Liow paid a RM10 million compound before the Attorney General's Chambers (AGC) withdrew 26 money laundering charges against him
In a statement today, 7 August, the AGC defended its decision, explaining that Liow, whose real name is Liow Soon Hee, was granted a discharge after his legal team applied to have the 26 money laundering charges compounded under a different provision of the law.
Liow was initially charged under Section 4 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613) over allegations of money laundering more than RM36 million.
The charges carried a maximum sentence of 15 years' imprisonment and a fine of not less than five times the value of the proceeds from the unlawful activity.
However, Liow's legal team submitted an application to change the charges to Section 92 of the same Act, which allows certain offences to be settled by paying a financial penalty instead of proceeding with a criminal prosecution.
Under the provision, the compound amount cannot exceed 50% of the maximum fine that could have been imposed upon conviction.
Once the compound is paid, it is deposited into the Federal Consolidated Fund, and the person cannot be prosecuted again for the same offence.
After reviewing the representations and available evidence, the AGC said it offered Liow a RM10 million compound, which he accepted and paid on 29 May 2023
"Apart from the RM10 million compound, settlement also included the forfeiture of a RM647,366 bond and seized assets.
"Following payment of the compound, the prosecution withdrew all charges against Liow in accordance with Section 92," read the statement.
The AGC added that on 15 June 2023, the Shah Alam Sessions Court ordered Liow to be released from all charges.
The department stressed that the decision was made in accordance with the Attorney General's constitutional powers and the relevant laws.
"It was also executed according to legal provisions based on evidence from the overall investigation results, without being influenced by external pressure or public sentiment, taking into account the integrity of the prosecution process and the need to ensure transparency in the criminal justice system," it said.
The statement comes after 30 civil society organisations (CSOs) demanded that the department publicly explain why Liow was granted a discharge not amounting to an acquittal in his RM36 million money laundering case.
