Former investment bank CEO charged with RM139.8m fraud
FORMER Chief Executive Officer (CEO) of UBB Investment Bank Limited pleaded not guilty in the Sessions Court today to a charge of cheating a managing director over a payment totalling RM139.89 million last year. The accused, Razlan Raghazli, 43, made...
UBB Investment Bank's former CEO, Razlan Raghazli, has been charged with defrauding UBB Amanah Bhd's managing director, Aida Aizura Othman, of RM139.89 million, according to prosecutors. The 43-year-old CEO pleaded not guilty in court to the charge, which alleges that he intentionally deceived Aida into believing a payment schedule in a letter complied with legal advice, while knowing it contradicted the advice given by solicitors.
If convicted, Razlan faces a prison sentence of one to ten years, whipping, and a fine. The court allowed for his bail to be set at RM60,000 with one surety and prohibited him from communicating with prosecution witnesses. The case will be managed until October 12, with relevant documents to be submitted.
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