Finance Ministry approved Felcra’s RM150m unit trust investment after proposal submitted by Bung Moktar, witness tells court | Malay Mail

KUALA LUMPUR, March 29 — The Sessions Court was today told that the Finance Ministry agreed to approve the RM150 million investment by the Federal Land Consolidation and Rehabilitation Authority in Public Mutual Berhad unit trust after three investment proposal papers were submitted by the Member of Parliament for Kinabatangan Datuk Seri Bung Moktar Radin.

“Nonetheless, the Finance Minister II asked Bung Moktar why not invest everything that refers to pension funds of Felcra,” said the witness during an examination-in-chief by deputy public prosecutor Mohd Sophian Zakaria at the corruption trial involving Bung Moktar and his wife, Datin Seri Zizie Izette Abdul Samad.

Questioned by Mohd Sophian on whether the RM150 million investment in Public Mutual unit trusts was earlier tabled to Felcra board of directors, Mohd Azmy replied,” No need, nonetheless any investment should be reported to the board of directors”.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

CEO not told of Felcra's RM50m investment plan due to 'cold war' - witnessWitness says friction between parties meant not all on same page. Malaysian glc ceo monster of money shits .. . Can you imagine what will happen to our country if the family members of all our govt agencies' heads just 'introduce' and then receive 'commission' ? MyKinabatangan felcrabhd SPRMMalaysia
Source: malaysiakini - 🏆 20. / 51 Read more »