FORMER Bank Negara Malaysia Shariah Advisory Council chairman Tan Sri Dr Mohd Daud Bakar was charged at the Sessions Court in Kuala Lumpur today, along with Datuk Norliza Tajuddin, on seven charges of criminal breach of trust involving RM10.55 million, to which both have pleaded not guilty.
Mohd Daud, 62, and Norliza, 54, entered their pleas after the charges were read before Judge Suzana Hussin, with both responding: “We understand the charge and plead for it to be tried.”
The court was told the two accused acted as agents in their capacity as director and shareholder of Energy Eco Sdn Bhd, a company entrusted with funds from various investors for a glove manufacturing project said to be structured under Shariah-compliant principles.
The alleged victims include Moideen Kunjayu (RM600,000), Koperasi Perumahan Sentul Pasar Kuala Lumpur Berhad (RM1.95 million), former Deputy Minister in the Prime Minister’s Department, Datuk Dr Mashitah Ibrahim (RM2 million), and Myad Kapital Sdn Bhd (RM6 million).
They are accused of dishonestly misusing the funds in breach of express contractual obligations under a series of Shareholders’ Advance Agreements dated between 22 June 2021 and 12 May 2024.
The agreements stipulated that the funds were to be used exclusively for the financing, construction and expansion of a glove manufacturing business in accordance with Shariah compliance requirements.
The alleged offences were said to have taken place between 22 June 2021 and 12 May 2024 at banking premises in Kuala Lumpur, including Maybank Islamic Berhad in Taman Setiawangsa and RHB Islamic Bank Berhad at Bangsar Shopping Centre.
If convicted under Section 409 of the Penal Code read together with Section 34, the accused face imprisonment of up to 20 years, whipping, and fines.
The case comes alongside separate legal proceedings involving Mohd Daud, who was previously charged with abetting unlicensed securities trading involving a corporate entity, to which he has also pleaded not guilty.
In that earlier case, he is alleged to have abetted AUF MBZ Consortium PLT in conducting securities trading without a Capital Markets Services Licence between June 2021 and August 2023 in Rawang, an offence under the Capital Markets and Services Act 2007 carrying penalties of up to RM10 million in fines, 10 years’ imprisonment, or both.
Mohd Daud arrived at the Kuala Lumpur Court Complex at 8.50 am, accompanied by Malaysian Anti-Corruption Commission officers as proceedings began.
The court also heard related cases involving other corporate figures linked to similar unlicensed securities trading allegations, with bail conditions and reporting requirements imposed in parallel proceedings.
Among them, businessman Datuk Seri Mahadi Badrul Zaman, husband of humanitarian activist and singer Nur Heliza Helmi, pleaded not guilty to two charges of conducting regulated securities activities without a licence between June 2021 and February 2024.
He was granted RM100,000 bail, ordered to surrender his passport, and required to report monthly to the Securities Commission.
In another related case, businessman Muhamad Iqbal Mohamad, a director of QEW Group Bhd, was also charged with abetting similar offences. The court set bail at RM50,000 with similar conditions. - May 11, 2026
