KUALA LUMPUR: A former chief executive officer (CEO) of an investment bank pleaded not guilty in the Sessions Court here on Wednesday (Aug 19) to a charge of cheating regarding a payment of RM139.8mil to a private university management company.
Razlan Raghazli, 43, the former CEO of UBB Investment Bank Limited, entered the plea after the charge was read out to him before Judge Azura Alwi.
He was charged with cheating the Managing Director and CEO of UBB Amanah Berhad, Aida Aizura Othman, 52, by deceiving her into believing that the payment schedule contained in a UBB Investment Bank Limited letter was in accordance with legal advice.
The letter, titled 'Disbursement Advice on Islamic Property Financing Under Bai-Bithaman Ajil (BBA)' dated Sept 18, 2025, was signed by the accused and stated that it followed legal advice from the firm Kassim Tadin, Wai & Co.
However, the accused allegedly knew that the payment schedule in question actually contradicted the advice provided by the law firm.
The act allegedly caused Aida Aizura to release a payment amounting to RM139,891,776 to ELMU Higher Education Sdn Bhd, a payment she would not have made had she not been deceived in such a manner. - Bernama
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