Alam Maritim CEO charged with fraud over daily charter rate of ship

Alam Maritim Resources Bhd's CEO, Azmi Ahmad, appeared in court today, charged with two counts of fraud. The charges stem from alleged concealment of daily charter rates for a ship, which impacted agreements with TH Alam Management Sdn Bhd's principal officer, Iskandar Zaffa. According to prosecutors, Azmi allegedly concealed the true daily charter rate of RM80,500 per day in a work order dated Aug 24, 2023, leading to a lower charter rate of RM70,000 per day being agreed upon.

Similarly, Azmi is accused of hiding a higher actual rate of RM110,000 per day in a January 15, 2024 work order, resulting in a reduced charter rate of RM78,000 per day with TH Alam Management and Alam Maritim. Both alleged offenses occurred at a Kuala Lumpur location on Sept 6, 2023, and Jan 16, 2024. Azmi pleaded not guilty, and the judge set bail at RM300,000 with one surety, subject to additional conditions imposed by the prosecution.