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

KUALA LUMPUR, September 10 — The CEO of Alam Maritim Resources Bhd, Datuk Azmi Ahmad, faced charges of fraud in the Sessions Court today, according to prosecutors. The charges pertain to the daily charter rates of a vessel, with two counts leveled against him. Despite the serious allegations, Azmi maintained his innocence, pleading not guilty before Judge Suzana Hussin.

In the first count, Azmi is accused of defrauding Iskandar Mohd Zaffa, principal officer of TH Alam Management Sdn Bhd, by withholding the true Daily Charter Rate of RM80,500 per day, which was outlined in a Work Order dated August 24, 2023. This deception allegedly led to Iskandar agreeing to a BIMCO Supplytime 2017 charter rate of RM70,000 per day between Alam-JV DP2 (L) Inc. and Alam Maritim (M) Sdn Bhd.

The second charge involves defrauding Iskandar once again by concealing a Daily Charter Rate offer of RM110,000 per day, announced on January 15, 2024. This concealment resulted in Iskandar signing another BIMCO Supplytime 2017 agreement with a charter rate of RM78,000 per day between TH-Alam Management and Alam Maritim. Both fraudulent acts allegedly took place at a location on September 6, 2023, and January 16, 2024, under Section 417 of the Penal Code, which carries a potential five-year prison sentence or a fine, or both.

Deputy Public Prosecutor Noor Syazwani Mohammad Sobry requested RM500,000 bail with a one-surety condition, with additional requirements that Azmi report to the Putrajaya MACC office every three months and refrain from interfering with prosecution witnesses until the case concludes. However, Azmi's lawyer, Wan Muhd Ariff Ameer Wan Normazlan, argued that the bail amount was excessive and requested it be lowered to RM100,000, citing his client's cooperation with the investigation and personal circumstances, including health issues.

The court agreed to grant bail of RM300,000 with one surety, under the same conditions requested by the prosecution. The case will be heard again on November 18 for document submission.