JJPTR founder charged with providing false info on company (Updated)

BUTTERWORTH: The founder of controversial investment scheme JJ Poor To Rich (JJPTR) Johnson Lee was charged at the Sessions Court today with making false statements about the status of his company JJ Global Networks Sdn. Bhd.
Lee, 29, was charged with making false statements involving the details in his declaration during his application to strike off his company name, declaring his company had not even started business when it was corporatised.
He was alleged to have committed the offence at the Companies Commission of Malaysia's (SSM) Penang office at Level 6-7, Bangunan KWSP, Off Lebuh Tenggiri 2, Bandar Seberang Jaya here on Dec 15, 2016.
He claimed trial to the charge under Section 364 (2) of the Companies Act 1965 (125 Act), and faces a maximum ten-year jail term or a RM25,000 fine or both if found guilty.
Lee who was clad in a red shirt appeared calm when the charge was read to him before Sessions judge Noor Aini Yusof.
SSM senior prosecuting officer Faizal Mahdi Mahmud suggested bail of RM10,000 with one surety.
However, defence counsel Nick Tan Meow Khoon urged for a lower amount, adding that his client had been cooperative during investigations.
Noor Aini allowed bail of RM6,000 with one surety and fixed April 12 for case management.
JJPTR came under the spotlight last year after it claimed losses of RM500 million after its trading account was hacked.
After police reports were lodged on the matter, simultaneous raids were conducted by multiple monetary enforcement agencies on eight JJPTR offices in Penang last year.
The agencies consist of the CCID, the Anti Money Laundering (AMLA) force, Internal Revenue Board (IRB), Bank Negara Malaysia (BNM), National Revenue Recovery Enforcement (NRRE), Securities Commission Malaysia (SSM) and Cybersecurity.
Following the raids, several JJPTR accounts were frozen under the Anti Money Laundering, Anti Terrorism Financing and Proceeds of Unlawful Activities Act 2001.