Zahid’s Trial: Foundation Never Audited Its Accounts or Filed Financial Reports with SSM

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Akalbudi also did not hold any annual meetings or disclose its expenditure for 15 years.

Ahmad Zamzahuri

Datuk Seri Ahmad Zahid Hamidi’s family-owned charitable organisation Yayasan Akalbudi never filed its financial reports with the Companies Commission of Malaysia (SSM) or had its accounts audited, a company secretary of the foundation affirmed in the High Court today.

MKSS Management Sdn Bhd company director Mahinder Kaur said she was initially asked by Zahid to update the documents of Yayasan Akalbudi in 2003 when she was already working for the former deputy prime minister in another company that he owned.

She earlier told the court that she was acquainted with Zahid from around 1989 through a friend of his before being appointed as company secretary to Measurement Sdn Bhd — also another company Zahid owned — in 1993.

“From 2003 until 2011, I was unable to update Yayasan Akalbudi’s file because I was not provided with completed documents relating to the organisation.

“Throughout my appointment as Yayasan Akalbudi’s secretary, the company had never tabled its financial report for me to file it to the SSM.

Ahmad Zamzahuri

“To my knowledge, Yayasan Akalbudi had never conducted audits on accounts that it owned, nor has it submitted audit reports to the SSM on them,” she said in her witness statement.

She was testifying as the 28th prosecution witness against Zahid in the latter’s corruption trial over 47 charges involving alleged money-laundering, bribery and criminal breach of trust.

Mahinder also said no annual general meeting was convened to her knowledge, adding that she attempted to remind Zahid several times about it.

Previously, a former director of the foundation, Zulkifli Senteri, testified in court that Yayasan Akalbudi did not hold any annual meetings or disclose its expenditure for 15 years.

To date, Mahinder said she has not obtained any Yayasan Akalbudi documents to enable her to update SSM’s database after Zahid previously said he would provide the necessary documents for the said purpose.

Under the Companies Act, a company must hold its AGM not exceeding 15 months from the previous AGM held and must submit its audit report to the SSM within 30 days after an AGM has been convened.

She earlier explained that Zahid had asked her to update Yayasan Akalbudi’s documents because Zahid knew the organisation never filed any AGM and audit reports with the SSM since its founding.

“When Zahid asked me to update the documents, he meant for me to become the company secretary as I was unable to proceed with updating the documents as long as I am not appointed officially.

“I agreed to his request, but I had to wait to be given the documents before I was appointed company secretary for the purpose of updating the documents,” she said.

In April 2012, Mahinder said she was appointed Yayasan Akalbudi’s company secretary on Zahid’s instructions when she replaced Idris Kechek following his resignation.

During examination-in-chief, Mahinder was asked how she communicated with Zahid, to which she said either by phone or meeting him in person at his office.

She also said she could not remember how many times she had reminded Zahid about obtaining the required documents.

Later, when suggested by Zahid’s lawyer Hamidi Mohd Noh that the reason why Mahinder did not obtain the necessary documents was because they were in Idris’ possession, Mahinder said she did not know.

Mahinder also told the court she never met Idris prior to her appointment as company secretary. – MMO

Earlier reports:

Feb 11, Zahid’s Trial: Former DPM Signed 51 Foundation Cheques Worth RM31M

Dec 13, Zahid’s Trial: Earned RM44,383 a Month as DPM

Dec 12, Zahid’s Trial: RM360K All Went Towards Voter Registration, Not to Print Quran

Dec 10, Zahid’s Trial: Firm Received RM360K from Zahid’s Charity Body for Voter Registration

Dec 10, Zahid’s Trial: Insurance, Road Tax for His 20 Vehicles Paid with Foundation Funds

Dec 5, Zahid’s Trial: 39 Insurance Policies Totalling RM72K for 20 Vehicles

Dec 3, Zahid’s Trial: Couple Owns 18 Luxury Vehicles

Dec 2, Zahid’s Trial: Wife’s Credit Cards Used for LV, Harrods, Armani, RM250K Spending Limit

Nov 21, Zahid’s Trial: Day Four

Nov 21, Zahid’s Trial: Day Three

Nov 20, Schoomate: I Signed Blank Cheques on Zahid’s Order, 

Nov 19, Zahid’s Trial: Day Two

Nov 18, Zahid Embezzled RM31M Meant for the Poor