Loan not for buying shares, court told

  • Nation
  • Wednesday, 09 Jul 2003

KUALA LUMPUR: The Sessions Court here was told that the RM200mil loan from the Malaysian Islamic Economic Development Foundation (YPEIM) to Amanah Ikhtiar Malaysia (AIM) could not be used to invest in shares. 

YPEIM resource division chief Ramli Bakar, 48, said yesterday that the loan to AIM was to be used as capital for loans to the poor for economic activities under the Amanah Ikhtiar scheme. 

He was testifying at the trial of former AIM managing director Mukhtar Ramli, 51, who faces five counts of criminal breach of trust involving a total of RM3.8mil belonging to AIM at its office in Jalan Ledang, off Jalan Duta, here, between 1999 and last year. 

Mukhtar, of Bukit Rahman Putra, Bandar Baru Sungai Buloh, is alleged to have committed CBT of RM375,000 on Nov 11 1999, RM500,000 on Aug 2000, RM1.5mil on Feb 29 2001, RM999,000 on March 19 last year and RM500,000 on March 28 2001. 

He is charged under section 409 of the Penal Code which carries a maximum 20 years jail or whipping and a fine. 

Examined by Anti Corruption Agency deputy public prosecutor Nordin Hassan, Ramli said there was no discussion to buy the shares of Asnita, Tabung Ittikal or other unit trusts when he represented YPEIM at management committee meetings with AIM. 

Earlier, Datuk Sulaiman Othman, 65, who was chairman of the AIM board from September 1987 to July 2000, said he was not informed by Mukhtar about the purchase of Malaysia Airports Bhd shares in November 1999. 


“If there was, surely I would have instructed him to take the matter to the board meeting,” he said. 


He said he was also not informed by Mukhtar about the purchase of shares in Asnita, Tabung Ittikal, Dana al-Ikhsan and Dana al-Mizan when he was the chairman of AIM. 


Nordin was assisted by deputy public prosecutor Idham Abdul Ghani while Mukhtar was represented by counsel Mohamed Yaacob Bakanaly, Maznah Kamaruddin and Azmer Saad. 

The hearing continues today. – Bernama 

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3

Next In Nation

Flowering cherry blossom-like trees drawing people to Penampang
Schools, educational institutions in seven Kelantan districts under MCO close for a week
Over 70% of employers fail to comply with minimum housing standards, says Deputy HR Minister
Policeman killed in crash while chasing suspect
Majority of terrorists’ supporters will be rehabilitated, says Bukit Aman
Phase two of national immunisation plan begins April 19
Aiming to get all teachers vaccinated in second phase
Boost for women entrepreneurs
Businesswomen eager for funds to expand their ventures
‘Vaccine is not bulletproof’

Stories You'll Enjoy