Directors deny abetting in RM50m withdrawal


  • Nation
  • Thursday, 13 Mar 2003

BY CHELSEA L.Y. NG AND S. VAAN MATHI

KUALA LUMPUR: Two directors of an asset management firm claimed trial in a Sessions Court to abetting in an illegal withdrawal of funds from the client's trust account of Tabung Haji. 

Dr Ghazali Atan and Mohamed Abdul Wahab, the chief executive officer and managing director of Metrowangsa Asset Management Sdn Bhd, pleaded not guilty to abetting in illegally withdrawing RM50mil between April 18 and May 24, 2001. 

The money was allegedly paid to Mimos Bhd, which was not entitled to it. 

Mohamed faces two other charges of authorising the release of misleading semi-annual reports between July 1, 2000 and Dec 31, 2000, and Jan 1, 2001 and June 30, 2001. 

Sessions judge Datin Zunaidah Mohd Idris granted bail at RM80,000 for Dr Ghazali and RM90,000 for Mohamed.  

Both men posted bail. The joint trial is fixed for July 21. 

The two charges against Mohamed involved the authorisation of two reports in which several capital investment sums, crucial for calculating the accurate net asset values of corporate funds managed by Metrowangsa, were omitted. 

The omissions were capital investments of Lembaga Tabung Haji and Mimos of RM365,318,279.64.  

Last April, Metrowangsa's fund manager and futures fund manager licences had been revoked by the Securities Commission and the company has since been under receivership.  

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