The Sessions Court was told today that a RM150 million investment by the Federal Land Consolidation and Rehabilitation Authority (Felcra) was approved after proposals were submitted by Kinabatangan MP Bung Moktar Radin.
Former Felcra Bhd group chief financial officer (CFO) Mohd Azmy Abu Samah, 54, said the investment, which was into a Public Mutual Bhd unit trust, was approved by the Finance Ministry after the MP submitted three proposal papers.
He said Bung (above), who was then the non-executive chairperson of the agency, submitted three working papers involving investments of RM50 million, RM100 million, and RM150 million for the ministry’s consideration.
He said initially, Bung met with then Finance Minister II Ahmad Husni Hanadzlah in Parliament and handed over a proposal on a RM50 million unit trust investment.
“The Finance Minister II asked Bung why not invest everything that refers to pension funds of Felcra,” he said.
Azmy said this as a witness during an examination-in-chief by deputy public prosecutor Mohd Sophian Zakaria at the corruption trial involving Bung and his wife Zizie Izette Abdul Samad.
According to the 26th witness, he later told Bung the decision will depend on the Minister of Finance Incorporated (MOF Inc), which fully owns Felcra, and advised Bung not to invest the whole amount.
The witness said MOF Inc approved an investment of RM150 million in a letter dated April 23, 2015.
Questioned by Sophian whether the RM150 million investment in Public Mutual unit trusts was earlier tabled to the Felcra board of directors, Azmy replied, ”No need.”
“Nonetheless, any investment should be reported to the board of directors.”
The witness said the transfer of RM150 million for unit trust investment was actually not reported to the board of directors before the money transfer was made.
“RM150 million was credited into the account of Public Mutual and I also informed Bung on the matter in writing,” said Azmy.
The hearing which was held before Judge Hakim Rozina Ayob continues on April 6.
On May 3, 2019, Bung, 64, pleaded not guilty to two charges of receiving bribes amounting to RM2.2 million and RM262,500 as an inducement to obtain the approval of Felcra to make a RM150 million investment in a Public Mutual unit trust.
Bung allegedly received the bribes from Madhi Abdul Hamid through Zizie at the Public Bank branch in Taman Melawati, Kuala Lumpur, between 12.30pm and 5pm on June 12, 2015.
He also pleaded not guilty to receiving cash bribes of RM335,500 from unit trust consultant Norhaili Ahmad Mokhtar under Zizie’s name for the same reason at the same place on June 19, 2015.
Zizie, 44, pleaded not guilty to three charges of abetting her husband on the matter at the same place, date, and time.
- Bernama
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