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Zahid Hamidi allegedly withdrew millions from funds to help daughter buy hotel in Bali which was meant for the poor

Datuk Seri Dr Ahmad Zahid Hamidi allegedly ordering part of the fixed deposit, amounting to RM17.9 million, belonging to Yayasan Akalbudi be released to enable his daughter to buy shares for a boutique hotel in Bali Indonesia.

Deputy Public Prosecutor, Datuk Raja Rozela Raja Toran, argued that the accused was entrusted with the Akalbudi fund for the specific purpose of eradicating poverty and raising the welfare of the poor, apart from conducting studies and research.

However, Raja Rozela added, the accused gave specific instructions that all the money from Akalbudi’s seven fixed deposit accounts, be withdrawn before transferring it via bank check to Messr. Lewis & Co.

“Ahmad Zahid then issued a check amounting to RM8.6 million to Ri-Yaz Aset Sdn Bhd for the purpose of purchasing 60 per cent of the shares from Ri-Yaz Assets Chairman, Tan Sri Rashid Manaf,”

“The individual who is interested in buying the hotel is the accused’s daughter and the matter was confirmed by Tan Sri Rashid and the Group Managing Director, Datuk Seri Mohd Shaheed,” she shared.

“The funds in Akalbudi’s account are used for the personal gain of the accused where Akalbudi has no connection or interest,”.

“For the withdrawals of funds from seven fixed deposit accounts, the RM17.9 million bank check was paid to Lewis & Co,” she said, further adding that the matter should have been seen as a warning.

“Why were the funds transferred, when there is no record to show that Messrs Lweis & Co. acted for Akalbudi?”

“Therefore, the prosecution argued that the real purpose of the withdrawal of the RM17.9 million fixed deposit was to make it easier for the accused’s daughter to buy a hotel in Bali,” she said.

All of this was argued in the submission proceedings at the end of the prosecution case before High Court Judge Datuk Collin Lawrence Sequerah.

69-year-old Ahmad Zahid Hamidi faces 47 charges involving 12 charges of breaches of trust, eight charges of corruption and 27 charges of money laundering amounting to millions of Ringgit belonging to Yayasan Akalbudi.

Proceedings of the argument will continue on Monday (18 August).


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