Islamic finance figure Daud Bakar, director charged with RM10.55mil CBT

 Duo slapped with seven charges in the sessions court today.

Daud Bakar previously served as chairman of the shariah advisory councils at both Bank Negara Malaysia and Securities Commission Malaysia. (Bernama pic)

KUALA LUMPUR:

 Prominent Islamic finance figure Daud Bakar and a company director were charged in the sessions court here today with seven counts of criminal breach of trust (CBT) involving RM10.55 million.

Daud, 62, and Norliza Tajudin, 53, pleaded not guilty to the charges before judge Suzana Hussin.

They are accused, in their capacity as directors and shareholders of Energy Eco Sdn Bhd, of being entrusted with RM600,000 belonging to Moideen Kunjayu and committing CBT by dishonestly misusing funds disbursed in two tranches – RM400,000 and RM200,000 – in breach of a contract.

The contract, a shareholders’ advance agreement dated June 22, 2021, and May 12, 2024, required the funds to be used solely to finance the construction and expansion of the company’s glove manufacturing business in compliance with shariah principles.

The charges were framed under Section 409 of the Penal Code, which carries a jail term of between two and 20 years, whipping, and a fine upon conviction.

The duo also face similar charges involving RM1.95 million belonging to Koperasi Perumahan Sentul Pasar Kuala Lumpur Bhd, disbursed in three tranches of RM500,000, RM550,000 and RM900,000; RM2 million belonging to former deputy minister Mashitah Ibrahim; and RM6 million belonging to MyKad Kapital Sdn Bhd.

The offences were allegedly committed between June 22, 2021 and May 15, 2024 at several banks in the Klang Valley.

Daud previously served as chairman of the shariah advisory councils at both Bank Negara Malaysia and Securities Commission Malaysia. - FMT

MORE TO COME