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‘RM10mil was for investment’

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KUALA LUMPUR: The RM10mil fund given by Datuk Seri Dr Ahmad Zahid Hamidi through the Akalbudi Foundation (YAB) to Armada Holdings Sdn Bhd to bid for a tender to supply coal to Tenaga Nasional Berhad (TNB) was for investment purposes, the High Court heard.Businessman Datuk Seri Khalid Mohamad Jiwa, better known as Datuk K, 64, said the RM10mil had been returned to the foundation, with interest amounting to RM69,722.65.

He disagreed with a suggestion by deputy public prosecutor Datuk Mohd Dusuki Mokhtar that the funds were given as loans.

Khalid, who is the eighth defence witness, was testifying during Ahmad Zahid’s hearing on 12 charges of breach of trust, eight charges of corruption and 27 charges of money laundering involving tens of millions of ringgit in YAB funds. “Wasi Khan told me that he intended to set up a coal-supplying company in Indonesia and needed a paid-up capital of RM10mil to meet the minimum requirements to be registered as a supplier or contractor under TNB.

Khalid said Wasi Khan informed Ahmad Zahid of his intention during the meeting and requested Zahid’s intervention in asking TNB to reduce the amount of paid-up capital to RM5mil.

 

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RM10mil from Yayasan Akalbudi to company an investment, says Datuk KFree Malaysia Today is an independent, bi-lingual news portal with a focus on Malaysian current affairs. Since 2009, we have been presenting news and analyses round the clock, staying true to objectivity – the missing dimension in today’s news scene.
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