MBI Founder Tedy Teow Charged for Issuing Electronic Money

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Looking at an RM5 million fine, up to five years in jail, or both, if found guilty.

MBI Group International Sdn Bhd founder Tedy Teow has been charged in a Sessions Court in Kuala Lumpur for issuing electronic money without Bank Negara Malaysia’s permission.

According to the charge sheet, MBI Marketing Sdn Bhd and Mface International Sdn Bhd issued electronic money between June 3, 2012, and March 17 this year without approval under Section 25(1)(c) of Payment Systems Act 2003, Sin Chew Daily reported.

Teow, 52, is allegedly in violation of Section 25(1), read together with Section 58(1) of the Act.

He faces a fine of maximum RM5 million or a jail term of maximum five years, or both, if convicted.

Teow pleaded not guilty and bail was set at RM60,000.

The court fixed July 11 for mention.