THE Attorney General’s Chambers (AGC) has explained that the decision to withdraw 26 money laundering charges against businessman Nicky Liow was made after he agreed to settle the case through a RM10 million compound payment.
In a statement, AGC said the compound amount was agreed by Liow Soon Hee, better known as Nicky Liow, and paid on May 29, 2023.
The settlement also included the forfeiture of bonds amounting to RM647,366 and the forfeiture of seized properties.
"The decision was made based on a comprehensive assessment of evidence obtained throughout the investigation and was not influenced by any external pressure or public sentiment.
"Following the payment of the compound, in accordance with Section 92 of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (AMLATFPUAA), the AGC withdrew the charges against Nicky.
"On June 15, 2023, the Shah Alam Sessions Court ordered that the businessman be discharged and acquitted of all charges," AGC said.
The AGC stressed that Nicky was not released without any legal action being taken.
Liow had previously been charged with 26 offences under Section 4 of AMLATFPUAA 2001 at the Shah Alam Sessions Court on April 12, 2022.
The case was initially scheduled for trial between July and September 2023.
However, before the trial commenced, Nicky, through Messrs Rajpal, Firah & Vishnu, submitted two representations dated Dec 15, 2022 and April 6, 2023 seeking to have all charges compounded under Section 92 of the Act.
AGC said the prosecution agreed to offer the compound after detailed consideration of the representations and all available evidence.
The decision, it added, was made in accordance with the powers and discretion of the Attorney General under the Federal Constitution and relevant laws.
"It was implemented in accordance with legal provisions based on evidence obtained from the investigation findings, without being influenced by external pressure or public sentiment, while taking into account the integrity of the prosecution process and the need to ensure transparency in the criminal justice system," AGC said.
Last week, lawyer Datuk Rajpal Singh, who represented Nicky, said his client had been discharged and acquitted of 26 money laundering charges involving more than RM36 million after the prosecution withdrew the case four years ago.
The charges involved allegations that Nicky and three companies had directly engaged in transactions involving proceeds from unlawful activities, as well as two charges of possessing proceeds from such activities amounting to more than RM36 million.
The alleged offences were said to have taken place at Malayan Banking Berhad branches in Bandar Puteri Puchong and Ampang between 2016 and 2021.
The charges were framed under paragraph 4(1)(a) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613), punishable under subsection 4(1) of the same Act.
If convicted, offenders face imprisonment of up to 15 years and a fine of not less than five times the value of the unlawful proceeds or RM5 million, whichever is higher. - August 7, 2026
