KUALA LUMPUR – The high court today was told that Datuk Seri Ahmad Zahid Hamidi was involved in the withdrawal of RM17.9 million from Yayasan Akalbudi funds for the purchase of shares as well as to place fixed deposits.
While showing the flowchart of the withdrawal to the court, Malaysian Anti-Corruption Commission (MACC) investigating officer Muhammad Fazli Zulkifli explained that RM8.6 million was paid to Ri-Yaz Assets Sdn Bhd as a deposit for a share purchase, with another RM9.3 million to be placed as fixed deposits.
“The withdrawal of money from Yayasan Akalbudi’s Affin Bank account to a Maybank account belonging to Messrs Lewis & Co (the foundation’s trustee) was instructed by Zahid,” Fazli said when reading his witness statement during the examination-in-chief by deputy public prosecutor Ahmad Sazilee Abdul Khairi.
He said this on the 47th day of the trial of Zahid, who is facing corruption, abuse of power, and money laundering charges involving millions of ringgit in funds from Yayasan Akalbudi.
The 93rd prosecution witness said that RM8.6 million was paid to Ri-Yaz Assets as a deposit for the purchase of 60% of the company’s shares owned by Tan Sri Abdul Rashid Abdul Manaf, by Zahid’s daughter Datuk Nurulhidayah.
“The RM8.6 million payment was made through law firm Messrs Lewis & Co to Ri-Yazz Assets after discussions between Zahid, Nurulhidayah, Datuk Mohammad Shaheen Shah Mohd Sidek (Ri-Yaz Assets director), Datuk Mat Noor Nawi (Exim Bank chairman), and Norzilah Mohamad (Exim Bank chief executive).
“Nurulhidayah was interested in acquiring Rashid’s 60% stake in Ri-Yaz Assets and had asked Exim Bank to restructure the company’s loan with Exim Bank, to extend the loan period and to remove Rashid’s name as guarantor by replacing it with her name,” he said.
He said his investigations found that Ri-Yaz Assets had paid arrears amounting to RM8.3 million (US$2.058 million) to Exim Bank using money obtained from Lewis & Co to settle the company’s loan taken to purchase a hotel in Bali, Indonesia.
“There was a surplus due to the difference in the exchange rate of ringgit to US dollar at that time amounting to RM254,879.10. The money was returned to the law firm via cheque,” he said.
Fazli said his investigations also found that Nurulhidayah was appointed director of Ri-yaz Assets on January 27, 2017, to replace Rashid, who resigned as a director on the same date.
He said that Nurulhidayah then resigned as director of the company on January 31, 2017. However, both parties, namely Rashid and Nurulhidayah, did not proceed with the share sale and purchase agreement.
“After the discontinuation of share sale and purchase agreement, Nurulhidayah and Zahid requested that the money amounting to RM8.3 million be returned to Lewis & Co, because it is the money of Yayasan Akalbudi,” he said.
The witness also said that his investigations found that Nurulhidayah did not have any position in Yayasan Akalbudi.
“At that time, Nurulhidayah was working as marketing director with Syarikat Perumahan Negara Berhad,” he said when answering additional questions during the examination-in-chief by Sazilee.
Zahid, 68, faces 47 charges – 12 of them for criminal breach of trust, eight for corruption, and 27 for money laundering involving tens of millions of ringgit in funds from Yayasan Akalbudi.
The trial before judge Collin Lawrence Sequerah continues on Monday. – Bernama, March 5, 2021
