Trustee of foundation with Bumiputera interests released on bail

Senior Assistant Registrar of Penang Magistrate's Court, Ahmad Tajuddin Zain allowed the 70-year-old man to be released on Malaysian Anti-Corruption Commission (MACC) bail of RM100,000 with two sureties.

The businessman was remanded since March 30. The remand period ends today.

Earlier, the businessman who was dressed in orange lockup attire, arrived at the Penang Court Complex, here at about 10.30 am in an MACC vehicle.

After a 30 minute proceeding in the registrar's room, the businessman was taken in the same vehicle to the Penang MACC office in Jalan Sultan Ahmad Shah.

The businessman who arrested by the MACC on March 29 was represented by lawyers Reza Rahim, Ong Yu Shin, B. Jeyasingam and N. Rajiwan.

He is believed to be responsible for losses amounting to millions of ringgit to the subsidiary company of the foundation several years ago.

Reliable sources said he sold land owned by a subsidiary company which he had interest at lower than the original price, and without going through the procedures set by the subsidiary company.

The businessman, who is a trustee and director in the subsidiary company, is suspected of making the decision to sell the land without the knowledge of the board of directors.

It is believed that he was promised at least one per cent of the value of the land sold as reward.