BUTTERWORTH, Mar 13 – The 29-year-old founder of controversial investment scheme JJ Poor to Rich (JJPTR) Johnson Lee was charged in Sessions Court today with submitting false statements about the status of his company JJ Global Networks Sdn. Bhd to the Companies Commission of Malaysia (SSM).
Lee Choong Sen, also known as Johnson Lee, was charged at the Sessions Court here Tuesday with submitting false details in his declaration when applying to strike off his company’s name, a requirement under Section 308(1) of the Companies Act 1965.
He is alleged to have declared that JJ Global Networks Sdn Bhd never 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) carries a jail term of no more than 10 years, a fine that can go up to RM250,000, or both if convicted. Lee who was clad in a red shirt appeared calm when the charge was read to him before Sessions judge Noor Aini Yusof.
Lee was represented by G. Jaya Prem and Nick Tan Meow Khoon while the SSM prosecuting officers were Faizal Mahdi Mahmud and Mohd Fairuz Othman. SSM senior prosecuting officer Faizal Mahdi Mahmud suggested bail of RM10,000 with one surety.
Lee’s counsel, Nick Tan Meow Khoon, pleaded for a lower amount, saying his client had been cooperative with the commission throughout the investigation and had no intention of running away. Noor Aini allowed bail of RM6,000 with one surety and fixed April 12 for case management.
The JJPTR investment scheme collapsed last April after the company claimed to have lost US$400mil (RM1.7bil) to a purported hacking job. 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.
Lee and two of his aides – Lim Seong Woei and Pang Chee Peng – were arrested by police on May 16 and released on police bail on May 23, 2017. Following the raids, several JJPTR accounts were frozen under the Anti Money Laundering, Anti Terrorism Financing and Proceeds of Unlawful Activities Act 2001. — PN