2 ex-investment bank officers charged with fraud involving US$16mil

Chia Kian Lim and Lai Heow Gran, former employees of an investment bank, have been charged with fraud for allegedly deceiving the bank over a US$16 million standby letter of credit issued in 2023. According to prosecutors, the two former officials made false representations, claiming the document had been approved by the relevant authority or the bank's CEO, when in fact such approval had never been given.

The alleged deceit occurred at the bank on November 9, 2023. They face charges under Section 417 of the Penal Code, which carries a maximum penalty of five years' imprisonment, a fine, or both upon conviction. Both defendants pleaded not guilty in the Kuala Lumpur sessions court. Their legal teams sought bail amounts ranging from RM10,000 to RM20,000, citing the defendants' financial circumstances and cooperation with authorities during the investigation.