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

CEO of Kumpulan Alam Maritim Resources Bhd, Azmi Ahmad, appeared in court on Wednesday charged with two counts of fraud related to charter rates for ships. The 67-year-old pleaded not guilty after both charges were read to him before Judge Suzana Hussin. Azmi acknowledged his understanding of the charges and asked for the opportunity to be heard.

The first charge alleges that he deceived Principal Officer TH Alam Management Sdn Bhd, Iskandar Mohd Zaffa, by hiding a true Daily Charter Rate of RM80,500 per day in a Work Order dated 24 August 2023, which pushed Iskandar to sign the BIMCO Supplytime 2017 with a Daily Charter Rate of RM70,000 per day between Alam-JV DP2 (L) Inc. and Alam Maritim (M) Sdn Bhd.

The second charge claims that Azmi concealed a true Daily Charter Rate of RM110,000 per day in a Work Order dated 15 January 2024, which led the individual to sign the BIMCO Supplytime 2017 with a Daily Charter Rate of RM78,000 per day between TH-Alam Management and Alam Maritim. The offense is alleged to have occurred at a building in Jalan Radin Anum, Bandar Baru Sri Petaling on September 6, 2023, and January 16, 2024, under Section 417 of the Penal Code, which carries a maximum sentence of five years' imprisonment, a fine, or both.

Noor Syazwani Mohammad Sobry, the Alternate Prosecution Officer, offered RM500,000 bail with a guarantor, along with additional conditions requiring the defendant to report monthly to the SPRM office in Putrajaya and forbidding interference with prosecution witnesses until the case is concluded. Azmi's lawyer, Wan Muhd Ariff Ameer Wan Normazlan, requested the bail amount to be reduced to RM100,000 due to the perceived high sum, noting that his client's cooperation is crucial throughout the investigation.

Azmi's lawyer also asked for the confiscation of his passport by SPRM, as his young child has a dependent spouse and six young children, and the defendant has health issues requiring medical examination. Suzana approved the reduced bail amount of RM300,000 with a guarantor and additional conditions, similar to those requested by the prosecution. The court scheduled the defendant's next appearance for November 18.