Pan Phoenix Dina trio face illegal deposit taking charge

Hasri Mohd Noor, Md Azlan Hj Md Yussof and Hj Abd Hamid Hj Simpol

THREE directors of Pan Phoenix Dina (B) Sdn Bhd have been charged with deposit-taking activities without a proper licence, a press statement from the Ministry of Finance said.

Hasri Mohd Noor, Md Azlan Hj Md Yussof and Hj Abd Hamid Hj Simpol were charged at the High Court when their company was suspected of illegally taking, accepting and receiving deposits from the public, with the guarantee of high returns within a contractual period.

Its related company, Brumetal Dina Sdn Bhd is also currently being investigated by the Royal Brunei Police Force for similar deposit-taking activities without a licence.

Another company promoted by the accused, recently signed a Memorandum of Understanding with a Singaporean company to handle the production of "Made in Brunei" mobile phones, according to previous news reports.

The companies are located at Ground/First Floor, Lot 49-50, Wisma Raya, Jln Sultan, Bandar Seri Begawan, Brunei.

In a press release from the Bank Negara Malaysia received on April 8, the Ministry of Finance stated that Pan Phoenix Dina (B) Sdn Bhd and its related companies in Malaysia is also currently under investigation for suspicion of conducting illegal deposit-taking and money laundering activities.

The companies located in both Kota Bharu and Kuala Lumpur were raided on April 8.

Under the banking laws of Brunei, any person who receives, takes or accepts deposits, except those licensed under section 4(1) of the Banking Order, 2006 to conduct banking business is committing an offence under section 93(1) of the Banking Order 2006.

Those found guilty of committing such an offence will be liable to a fine not exceeding $10 million, jailed for a term not exceeding 10 years or both, and in case of a continuing offence, to a further fine not exceeding $100,000 for every day during which the offence continues after conviction under the banking order.

The Ministry of Finance has advised the public to provide information on any possible unlicensed activities related to investment advice and services including those available on the Internet. The ministry has also advised the public not to be easily influenced by companies, organisations or individuals that offer such services. (SRH1)

The Brunei Times