Islamic finance mogul Daud Bakar was brought before the Kuala Lumpur Sessions Court again today, where he and Norliza Tajudin were charged with seven counts of criminal breach of trust (CBT) involving RM10.55 million.
The duo, charged in their capacity as shareholders and directors of Energy Eco Berhad, pleaded not guilty before judge Suzana Hussin.
They were accused of dishonestly using RM600,000 belonging to Moideen Kunjayu, RM2 million belonging to Mashitah Ibrahim, RM1.95 million belonging to Koperasi Perumahan Sentul Pasar Kuala Lumpur, and RM6 million belonging to Myad Kapital Sdn Bhd, which had been entrusted to them.
According to the charge sheets, the pair allegedly breached contracts signed with the individuals and entities by committing CBT between June 22, 2021, and May 15, 2024, at Maybank Taman Setiawangsa and RHB Islamic Bank in Bangsar Shopping Centre.
The agreements were shareholders’ advance contracts requiring the funds to be used solely to finance the construction and expansion of the company’s glove manufacturing business in compliance with syariah principles.
The charges were framed under Section 409 of the Penal Code, which carries a jail sentence of between two and 20 years, caning, and a fine upon conviction.
Deputy public prosecutor Mahadi Jumaat told the court that both the prosecution and defence had agreed to bail of RM100,000 for Norliza and RM50,000 for Daud.
He also said both parties agreed that the accused surrender their passports, report to the MACC once a month, and refrain from disturbing prosecution witnesses.
Lawyer Zahida Zaman, representing Norliza, requested that her client be allowed to pay her bail in stages, with RM50,000 paid today and the balance within seven days.
However, the court ordered bail of RM100,000 each for both accused, while allowing Norliza to pay in instalments and ordering her passport to be surrendered. Daud’s passport had already been surrendered in connection with an earlier case.
The judge also ordered the pair to report to the MACC during the first week of every month and not to interfere with prosecution witnesses directly or through third parties.
The court fixed June 19 for mention.
Daud was represented by lawyer Hamidi Noh.
In February, Daud was separately charged with abetting a company to carry out unlicensed securities dealings between 2021 and 2023.
He was accused, in his capacity as Energy Eco Berhad’s representative, of allowing AUF MBZ Consortium PLT to undertake the dealings without a capital market services licence between June 14, 2021, and Aug 9, 2023.
The former Bank Negara Malaysia syariah advisory council chairperson was charged under Section 58(1) of the Capital Markets and Services Act 2007, which carries a maximum jail term of 10 years, a fine of up to RM10 million, or both.
He pleaded not guilty to the charge before judge Norma Ismail.