2nd PROBLEM: ABRAR GROUP now in SECURITIES FRAUD suit..
Articles below mentions their ownership in "two Canadian companies"...
Copyright 2000 New Straits Times Press (Malaysia) Berhad
New Straits Times (Malaysia)
February 22, 2000
SECTION: National; Pg. 8
LENGTH: 282 words
HEADLINE: Trial put off to sort out issue of presiding judge
DATELINE: Kuala Lumpur
BODY:
KUALA LUMPUR, Mon. - The trial of Abrar Corporation Bhd former executive chairman Dr Wan Muhamad Hasni Wan Sulaiman was today postponed to enable the Sessions Court to sort out the issue of the presiding judge.
This issue arose because the previous judge Abdul Karim Abdul Jalil had gone on transfer and was replaced by Mohd Zaki Abd Wahab. Zaki said as the defence had written to the Chief Judge of Malaya and Chief Registrar requesting that Karim continue to hear the case, it was
only proper to postpone until a reply was given. He fixed Wednesday for continued hearing.
Hasni's lawyer Terrance Marbeck earlier said it was important for Karim to continue hearing the case as a large number of documents had already been tendered and an important witness called. He also noted that the records of proceedings prepared by Karim were not entirely accurate as there were typographical and spelling errors.
Securities Commission deputy public prosecutor Yaacob Md Sam left it to the court to decide, but said the judge would not have difficulty understanding the documents as other witnesses would be called to explain
them.
Hasni, 35, is charged with scheming to defraud seven investors by setting up an investment scheme called "Raya Fund" to finance the purchase of the shares of Mun Loong Bhd (now Abrar Corporation Bhd).
He allegedly caused an investment of RM5 million placed with Abrar Global Asset Managers Sdn Bhd to be paid to Hamid Ahmed Mohammed Al Ghazali instead of into the scheme. He is alleged to have committed the offence at Abrar Group International Sdn Bhd, Level 7, Wisma Inai, 241
Jalan Tun Razak, between Feb 5 and Aug 18, 1997.
LANGUAGE: ENGLISH
LOAD-DATE: February 22, 2000
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Copyright 1999 New Straits Times Press (Malaysia) Berhad
New Straits Times (Malaysia)
December 16, 1999
SECTION: National; Pg. 18
LENGTH: 495 words
HEADLINE: Raya investment scheme different'
DATELINE: Kuala Lumpur
BODY:
KUALA LUMPUR, Wed. - The Raya investment scheme, which was allegedly used to defraud seven investors, was different from the other schemes set up by Abrar Global Asset Managers Sdn Bhd, the Sessions Court heard today.
AGAM's former chief operating officer Azihan Ibrahim said the differences included the absence of a prospectus and the fact that the return to investors had been fixed from the outset at 20 per cent. The Raya Fund, which is a share-financing scheme, also specifically involved Mun Loong Bhd shares and the duration of investment was only one year, he said.
He was testifying under re-examination by Securities Commission Deputy Public Prosecutor Yaacob Md Sam at the trial of Abrar Corporation Bhd's former executive chairman Dr Wan Muhamad Hasni Wan Sulaiman.
Wan Muhamad Hasni, 35, is charged with scheming to defraud seven investors by setting up an investment scheme called "Raya Fund" to finance the purchase of the shares of Mun Loong Bhd (now Abrar Corporation Bhd). He allegedly caused an investment of RM5 million placed with AGAM to be
paid to Hamid Ahmed Mohammed Al Ghazali instead of into the scheme. He allegedly committed the offence at the office of AGAM's parent company, Abrar Group International, Level 7, Wisma Inai, 241 Jalan Tun Razak, between Feb 5 and Aug 18, 1997.
Questioned by Yaacob, Azihan said AGAM had an investment portfolio of RM300 million in 1997 in the form of shares listed on the Kuala Lumpur Stock Exchange and investments in two Canadian companies.
He said the shares on the KLSE were "liquid" but those in the Canadian companies were not because they were subject to a moratorium. Azihan agreed that liquidity in AGAM depended on the KLSE shares which it held and could sell.
Asked about the value of these shares from July 1997 onwards, he said overall the value of all shares on the KLSE fell. (Azihan testified yesterday that AGAM had cashflow problems in 1997 but would have been profitable if its investment portfolio was taken into account.)
He also maintained that Hamid Ahmed, an Oman national to whom AGAM had sent RM5 million out of the Raya Fund, was not an investor in Raya Fund. He said a schedule of investors had included Hamid Ahmed's name because
the latter was supposed to have invested RM5 million through AGI. However, AGAM's cash register showed that the money was never entered into the scheme. "The final numbers are in the cash register," he said.
Earlier, during cross-examination by lawyer Terrance Marbeck, he said Hamid Ahmed was a Raya Fund investor.
Marbeck later applied for Wan Muhamad Hasni's international passport to be released for "reasons as stated in the affidavit".
Yaacob did not object and judge Abdul Karim Abdul Jalil released the passport. Marbeck also asked for an adjournment as he had an urgent matter to attend to in Ipoh tomorrow. Abdul Karim fixed Feb 21 to 25 and Feb 28 to March 3 for hearing.
LANGUAGE: ENGLISH
LOAD-DATE: December 16, 1999 |
