Latest news with #RM55
The Sun
20-05-2025
- The Sun
Former bank teller charged with CBT
ALOR SETAR: A former bank teller in Padang Terap near here pleaded not guilty in the Sessions Court here today to four charges of criminal breach of trust of the bank customer's money totalling RM55,000. Mohd Abd Rahman Hamzah, 41, was charged with committing the offence by making a withdrawal transaction from a bank account belonging to Akademi Al-Quran dan Dakwah Ummah without the consent of the account owner. The man, who now works part-time as a car salesman in Sungai Petani, was charged with committing the offence at the bank in April, May and June 2022. The charge, under Section 408 of the Penal Code, provides an imprisonment for up to 14 years and whipping and may also be fined if convicted. He also pleaded not guilty to four charges of using a document, namely 'Borang Wang Keluar Wit 506' for the amount of all the money in the account belonging to the academy, as genuine, which he had reason to believe was a forgery at the same location and date. The charge, under Section 471 of the Penal Code, is punishable under Section 465 of the Penal Code, which provides a maximum two-year jail term or a fine or both if convicted. Judge N. Priscilla Hemamalini allowed the man bail of RM28,000 with one surety for all charges and set June 15 for mention for the submission of documents and the appointment of a lawyer. Deputy Public Prosecutor Vatchira Wong Rui Fern appeared for the prosecution.
The Sun
20-05-2025
- The Sun
Former bank teller charged with CBT involving RM55,000
ALOR SETAR: A former bank teller in Padang Terap near here pleaded not guilty in the Sessions Court here today to four charges of criminal breach of trust of the bank customer's money totalling RM55,000. Mohd Abd Rahman Hamzah, 41, was charged with committing the offence by making a withdrawal transaction from a bank account belonging to Akademi Al-Quran dan Dakwah Ummah without the consent of the account owner. The man, who now works part-time as a car salesman in Sungai Petani, was charged with committing the offence at the bank in April, May and June 2022. The charge, under Section 408 of the Penal Code, provides an imprisonment for up to 14 years and whipping and may also be fined if convicted. He also pleaded not guilty to four charges of using a document, namely 'Borang Wang Keluar Wit 506' for the amount of all the money in the account belonging to the academy, as genuine, which he had reason to believe was a forgery at the same location and date. The charge, under Section 471 of the Penal Code, is punishable under Section 465 of the Penal Code, which provides a maximum two-year jail term or a fine or both if convicted. Judge N. Priscilla Hemamalini allowed the man bail of RM28,000 with one surety for all charges and set June 15 for mention for the submission of documents and the appointment of a lawyer. Deputy Public Prosecutor Vatchira Wong Rui Fern appeared for the prosecution.
New Straits Times
20-05-2025
- New Straits Times
RM55,000 fraud: Ex-bank teller claims trial to CBT, forgery charges
ALOR STAR: A former bank teller pleaded not guilty in the Sessions Court here today to eight charges of criminal breach of trust (CBT) and forgery involving RM55,000 from a religious academy's bank account, allegedly committed three years ago. The accused, Mohd Abd Rahman Hamzah, 41, who is currently employed as a car salesman, entered his plea before Judge N. Priscilla Hemamalini. According to the charge sheets, the offences were allegedly committed at the bank's Kuala Nerang branch in the Padang Terap district between April and June 2022. Four of the charges pertain to CBT under Section 408 of the Penal Code, in which Abd Rahman is accused of dishonestly withdrawing and misappropriating a total of RM55,000 from the Akademi Al-Quran dan Dakwah Ummah's bank account without authorisation. The remaining four charges, framed under Section 471 of the Penal Code, relate to the alleged use of falsified withdrawal forms as genuine documents. These offences are punishable under Section 465 of the same Act. The transactions in question involved two withdrawals of RM10,000, as well as withdrawals of RM15,000 and RM20,000 — all from the same account. If convicted, the CBT charges carry a prison sentence of between one and 14 years, whipping, and a fine. The forgery charges carry a penalty of up to two years' imprisonment, a fine, or both. Deputy public prosecutor Vatchira Wong Rui Fern appeared for the prosecution. The accused was unrepresented. Wong proposed bail of RM20,000 for each charge, but the accused appealed for a lower amount, citing full cooperation during the investigation and financial hardship. He informed the court that he earned RM1,000 a month as a car salesman and supports his wife, two children, and his ailing mother. The court set bail at RM28,000 for all charges combined and fixed June 15 for mention.
The Sun
20-05-2025
- Business
- The Sun
Boost to anti-corruption efforts
KUALA LUMPUR: The newly established Accounting Fraud Working Group will bolster anti-corruption efforts in Malaysia, providing expert support for investigations and asset recovery in complex financial fraud cases, including the 1Malaysia Development Bhd (1MDB) scandal. Malaysian Anti-Corruption Commission (MACC) chief commissioner Tan Sri Azam Baki described the 1MDB case as 'very messy', involving substantial assets that demand specialised forensic expertise. 'Many of the stolen assets are abroad. Without help from certain experts, it would take us even longer to recover the money. 'There is a lot of tracing, analyses and cooperation with foreign authorities involved.' Speaking at the group's launch at the Royale Chulan Hotel in Kuala Lumpur yesterday, he said a multidisciplinary approach is vital to move the investigation forward efficiently. 'The 1MDB case exemplifies how financial statement fraud can be deeply intricate, involving account manipulation, fictitious transactions and collusion with auditors.' Led by MACC, the Accounting Fraud Working Group comprises the National Audit Department, Accountant-General's Department, Companies Commission of Malaysia, Inland Revenue Board, Malaysian Institute of Accountants and Universiti Teknologi Mara. Azam said modern financial crimes are growing in sophistication, requiring equally advanced responses. 'Fraudulent activities are often concealed behind falsified business documents, proxy companies or disguised as business expenses, such as consultancy fees, entertainment costs or development charges. These layered transactions make tracing the real money trail difficult. 'The typology of corruption today is more complex than ever. Alarmingly, many fraud cases are embedded within accounting and auditing processes. 'When these systems lack transparency or are managed by individuals with weak integrity, they fail as protective gatekeepers and instead enable wrongdoing.' Azam said Malaysia lost an estimated RM277 billion to corruption between 2018 and 2023, an average of RM55 billion a year, describing the amount as 'alarming'. 'A 2023 study by think tank Emir Research, which also looked at data from various public reports, estimated that total losses reached RM4.5 trillion from 1997 to 2022.' He underscored the need for a coordinated national response. 'Government agencies can no longer operate in silos. This working group provides a coordinated framework to align efforts in addressing these complex financial crimes. 'It will also function as an early warning system to detect leakage in public procurement and fund distribution while promoting reforms for transparent and accountable financial reporting.' He described the group as a potential 'game changer' in strengthening Malaysia's financial governance, characterising financial statement fraud as 'one of the gravest forms of corruption'. 'This type of fraud creates false impressions of financial health to conceal embezzlement or inflate performance, making it highly calculated and damaging. 'While enforcement is crucial, prevention through stronger internal controls and early detection systems is equally important. Even preventing RM10 billion in annual leakage would be a significant achievement.' He added that the group's diverse expertise is particularly valuable for cross-border asset recovery, which involves tracing funds internationally and coordinating with foreign authorities, which are capabilities that individual agencies may lack. Auditor-General Datuk Seri Wan Suraya Wan Mohd Radzi described accounting fraud as a serious threat to institutional credibility and the efficiency of public spending. She said the formation of the working group reflects a strong commitment to reform, addressing long-standing issues highlighted in the auditor-general's reports, including procurement violations and governance failures. She stressed the importance of structured oversight, advanced training and the adoption of technologies such as artificial intelligence and data analytics to detect and deter fraud. The working group will function as a policy think tank, proposing reforms to enhance financial governance and accountability. At the launch, representatives from participating agencies signed a joint declaration pledging to cooperate on investigations, share technical expertise and conduct joint training initiatives to uphold integrity.
Malaysian Reserve
19-05-2025
- Business
- Malaysian Reserve
Malayan Flour Mills allocates RM215m capex for FY25
MALAYAN Flour Mills Bhd (MFM) has earmarked RM215 million in capital expenditure (capex) for the financial year ending Dec 31, 2025 (FY2025), with investments focused on expanding its flour and poultry segments in Malaysia and Vietnam. At its AGM today, the group said RM55 million will be allocated to its flour and grain trading (FGT) division to expand capacity and improve efficiency. This includes RM20 million for automation upgrades at its Lumut and Pasir Gudang mills, aimed at reducing manual labour and enhancing product consistency. In Vietnam, MFM is investing RM34 million – RM21 million to expand capacity and upgrade operations in the north, and RM13 million for new flour silos and blending facilities in the south. The remaining RM160 million will be directed to the group's Poultry Integration segment, shared between MFM and its joint venture partner. Of this, RM100 million will go towards new farming infrastructure including parent farms and hatcheries, while RM60 million is earmarked for productivity improvements at existing farms. 'These strategic investments are critical to strengthening our production capacity and operational efficiency, enabling us to meet the growing demand in both Malaysia and Vietnam,' said executive deputy chairman and MD Teh Wee Chye. For FY2024, MFM posted a net profit of RM58.1 million, rebounding from a RM6.7 million net loss a year earlier, thanks to strong FGT performance. The group noted that net profit would have reached RM100.2 million if not for a RM42.1 million impairment on its Indonesian flour operation, which has remained loss-making for three consecutive years. Teh said the group remains optimistic about the long-term prospects of its flour and poultry businesses, and that the capex will be funded via a mix of internal funds and borrowings. 'These initiatives reflect our commitment to solidifying our position as a leading staple food supplier while driving sustainable growth,' he added. –TMR
