Alam Maritim CEO charged with fraud over vessel charter rates, claims trial

KUALA LUMPUR, Sept 10 — Datuk Azmi Ahmad, group managing director and chief executive officer of Alam Maritim Resources Bhd, appeared in the Sessions Court on two charges of fraud related to vessel charter rates. The 67-year-old pleaded not guilty to both charges, which involve concealing actual Daily Charter Rate offers. In the first charge, Azmi is accused of defrauding Iskandar Mohd Zaffa, TH Alam Management's principal officer, by keeping secret an August 24, 2023 offer of RM80,500 per day.

This led to Iskandar agreeing to sign a BIMCO Supplytime 2017 contract with a Daily Charter Rate of RM70,000 per day. The second charge alleges that Azmi defrauded Iskandar again by hiding a 15 January 2024 offer of RM110,000 per day, resulting in a BIMCO Supplytime 2017 contract with a RM78,000 per day rate. The alleged offenses occurred on Sept 6, 2023, and Jan 16, 2024, under Penal Code Section 417, carrying a possible five-year prison sentence or fine if found guilty.

Deputy Public Prosecutor Noor Syazwani Mohammad Sobry requested RM500,000 bail with conditions, but Azmi's lawyer, Wan Muhd Ariff Ameer Wan Normazlan, argued for a reduced RM300,000 bail with one surety. The court granted bail and set a November 18 date for the case's next mention.