Islamic Finance Figure Among Two Company Directors Charged With CBT Involving Over RM10 Million

KUALA LUMPUR, May 11 (Bernama) -- Two company directors, including a prominent Islamic finance figure, were charged in the Sessions Court here today on seven charges of criminal breach of trust (CBT) involving RM10.55 million.

Tan Sri Dr Mohd Daud Bakar, 62, who is also the former Chairman of the Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM), and Datuk Norliza Tajudin, 54, pleaded not guilty after the charges were read out before Judge Suzana Hussin.

For the first to the seventh charges, they were jointly charged as directors and shareholders of Energy Eco Sdn Bhd with committing CBT involving money amounting to RM400,000, RM500,000, RM900,000, RM2 million, RM550,000, RM6 million and RM200,000  belonging to Moideen Kunjayu, Koperasi Perumahan Sentul Pasar Kuala Lumpur Berhad, Datuk Dr Mashitah Ibrahim and Myad Kapital Sdn Bhd.

They are charged with dishonestly using the money by breaching the express contract, namely the Shareholder's Advance Agreement dated June 22, 2021, Jan 19, 2022, April 1, 2022, April 27, 2022, Dec 6, 2022, April 5, 2023 and May 12, 2024, involving a sharia-compliant glove manufacturing business.

The offence was allegedly committed at two banks in Taman Setiawangsa and Bangsar here between June 22, 2021 and May 15, 2024.

The charge, brought under Section 409 of the Penal Code and read together with Section 34 of the same law, provides a prison sentence of not less than two years and a maximum of 20 years with whipping and may be fined, if convicted.

Deputy Public Prosecutor Mahadi Abdul Jumaat informed the court that the prosecution and defence agreed to a bail of RM100,000 for each accused with one surety.

“For Norliza, the prosecution requested additional conditions, namely that her passport be surrendered to the court, not make any communication regarding this case with prosecution witnesses and report herself on the first week of every month at the Malaysian Anti-Corruption Commission (MACC) office in Putrajaya pending disposal of the case," he said.

As for Mohd Daud, Mahadi said the accused had previously been charged at the Kuala Lumpur Sessions Court 10 on Feb 23 and was granted bail of RM50,000, with additional conditions requiring the surrender of his passport and monthly reporting to the Securities Commission Malaysia (SC).

“For this case, the agreed bail amount is RM100,000. The additional conditions relating to the passport surrender and monthly reporting do not apply here. However, the accused is prohibited from communicating with prosecution witnesses, either directly or through third parties,” he said.

More news to follow...

-- BERNAMA