Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

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Re: Malaysia-owned Company GCG Asia Shut Down for Fraud Investigation

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Convicted and released.

October 28, 2019
GCG Asia boss convicted over false endorsements
A Malaysian investor was convicted of attempted fraud on Friday after he used false endorsements from the National Bank of Cambodia and Prime Minister HE to benefit his real estate and cryptocurrency exchange business.

Phnom Penh Municipal Court sentenced Yaw Foo Hoe, 39, owner of GCG Asia, to one year in prison, but his sentence was reduced to five months and six days in jail. The rest of his sentence was suspended.

Judge Le Sokha said Mr Yaw was guilty of attempted fraud under Articles 377, 378 and 381 of the Criminal Code after he promoted the fake endorsements on GCG Asia’s website.

“The court has decided to convict and sentence Yaw Foo Hoe to one year in prison,” he said. “However, his term shall be reduced to only five months and six days in jail. The rest shall be completely suspended.”

“The court orders police to release him from prison if he does not have any other criminal cases in court,” Judge Sokha added.

He noted Mr Yaw was arrested on May 16 by internal security police at his rental home in the capital.

He said Mr Yaw was arrested after posting photos of him and Mr HE at a function, claiming the Prime Minister would join a launching ceremony for CGC Asia on May 20.

However, Mr HE never endorsed Mr Yaw.

Judge Sokha said he made the false endorsement to attract foreign and local investors to place money in his company’s real estate business.

He said that after Mr Yaw was arrested, police learned Mr Yaw also lied about the company being registered with the National Bank of Cambodia and relevant ministries.
https://www.khmertimeskh.com/50654871/g ... orsements/
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