All 26 charges against Nicky Liow dropped after RM10 million compound payment

The Malaysian Attorney General's Chambers (AGC) has withdrawn all 26 money laundering charges against businessman Nicky Liow Soon Hee, also known as Nicky Liow. This decision came after Liow paid a compound of RM10 million approximately three years ago.

The AGC stated that the compound was offered after a thorough review of a representation letter submitted by Liow's legal team. The decision was based on the overall available evidence and the prosecution's assessment and considerations. Liow agreed to the compound amount, which was paid on May 29, 2023. The settlement also encompassed the forfeiture of bonds totaling RM647,366 and other seized assets.

Following this compound payment, in accordance with Section 92 of Act 613 (Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001), the AGC withdrew the charges against Liow. Consequently, on June 15, 2023, the Shah Alam Sessions Court ordered Liow to be discharged and acquitted of all charges.

The AGC emphasized that Liow was not discharged without any legal action. He had initially been charged with 26 counts of money laundering under Section 4 of Act 613 on April 12, 2022, at the Shah Alam Sessions Court. The trial for these charges was scheduled between July and September 2023.

However, Liow's lawyers submitted representation letters to the AGC in December 2022 and April 2023, requesting that the charges be compounded under Section 92 of Act 613. The AGC asserted that its decision was made in line with the Attorney General's powers and discretion under the Federal Constitution and relevant laws, ensuring transparency and integrity in the criminal justice system without external influence or public sentiment.