‘Datuk Seri’ businessman claims trial to RM37.1m company funds breach of trust at Bukit Tunku bank

KUALA LUMPUR, Aug 14 — A businessman titled "Datuk Seri" appeared not guilty in the Sessions Court to a charge of criminal breach of trust (CBT) for allegedly misappropriating RM37.1 million in company funds, incident occurring four years ago. The accused, Datuk Seri Zul Azmi Abu Hussin, 51, who is a director of Xspec Resources Sdn Bhd, was accused of siphoning RM37,099,999.67 from a bank in Taman Tunku, Bukit Tunku on Feb 15, 2022.

The charge falls under Section 409 of the Penal Code, which could entail up to 20 years in prison, caning, and a fine if found guilty. The Deputy Public Prosecutor, Siti Suriatey Mohamed Yusoff, requested for bail of RM500,000 with one surety, and an additional condition that the accused hand over his passport to the court until the case concludes.

Zul Azmi's legal counsel, Edly Mohammad Firdaus, argued for reduced bail of RM50,000, citing his client's responsibility to support a wife, five children, and elderly parents, as well as his condition of having hypertension. The lawyer explained that bail is not punitive but rather a measure to ensure the accused's presence for future court proceedings.

Judge Mohd Kafli Che Ali granted bail at RM100,000 with one surety, subject to the same additional conditions proposed by the prosecution, and scheduled a case mention for Oct 5.