No losses from investment,court told

  • Nation
  • Saturday, 02 Aug 2003

KUALA LUMPUR: Tabung Haji's RM200mil investment with Metrowangsa Aset Management Sdn Bhd in 2000 and 2001 had never suffered losses but instead had given healthy returns, a criminal breach of trust trial heard yesterday. 

Former Tabung Haji fund management division general manager Abdul Manap Abdul Samah, 50, told the Sessions Court that he did not know of any other investments Tabung Haji has made which showed such profit. 

He agreed with defence counsel Firuz Jaffril's contention that the initial RM50mil investment with Metrowangsa had yielded returns of RM12.6mil within eight months, or about 25% per annum. 

In comparison, investments in the bank yielded only a 3% to 4% return per annum, he said. 

Abdul Manap said the subsequent RM150mil investment had produced returns of RM7.5mil or a 12% per annum. 

He was the 11th prosecution witness to testify against former Tabung Haji finance department senior general manager Datuk Mohd Amin Sidek, 52, and board investment department senior general manager Datuk Mohamad Shafie, 53, who are charged with committing CBT involving RM150mil and RM50mil respectively. 

They are also jointly charged with deceiving Minister in the Prime Minister's Department Datuk Paduka Hamid Othman by inducing him into approving a RM50mil investment proposal. 

They are further jointly charged with deceiving one Datuk Abdul Hamid Zainal Abidin into approving an additional RM150mil investment proposal in the same manner at the same place between May 3 and July 27, 2001. 

The hearing before judge Akhtar Tahir continues on Aug 21.  

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