was willing to advance USD$2.058mil from his foundation Yayasan Akalbudi to settle outstanding loan repayments for Ri-Yaz Asset Sdn Bhd, to enable his daughter Nurulhidayah to take over the shares of the company, the High Court here was told on Tuesday .
"Datuk Seri Ahmad Zahid had said that if he advanced the money from the foundation, Datuk Nurulhidayah and Datuk Shaheen would have to repay the amount back to the foundation," he said on the 25th day of former deputy prime minister’s trial linked to corruption, money laundering and criminal breach of trust involving millions of ringgit in funds from Yayasan Akalbudi.
Mat Noor said EXIM Bank’s Banking and Credit Committee meeting on Dec 14, 2016, had agreed to the transfer of shares between Rashid and Nurulhidayah, stipulating that Rashid should remain the guarantor of Ri-Yaz Asset's debt with the bank, and must retain at least a 10 per cent stake in the company. Meanwhile, Mat Noor agreed with lawyer Datuk Ahmad Zaidi Zainal who represented Zahid that the bank did not have any issue with a third party paying the outstanding loan amount.
Mat Noor also said that the loan arrears were settled by Ri-Yaz Asset, but he did not know from where the firm had obtained the funds.
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