KUALA LUMPUR (Sept 10) : Alam Maritim Resources Bhd (KL:ALAM) chief executive officer Datuk Azmi Ahmad claimed trial at the Sessions Court here on Thursday to two counts of cheating related to the daily charter rates of supply vessels.
Azmi, 67, is charged with cheating TH Alam Management principal officer Iskandar Mohd Zaffa by hiding the real daily charter rate of RM80,500 for Work Order No: WOR/CTC/HC-GP/2018/188 AHTSA/1105 between Alam-JV DP2 (L) Inc and Alam Maritim (M) Sdn Bhd. This led Iskandar to agree to sign the BIMCO Supplytime 2017 at the daily charter rate of RM70,000.
The offence was allegedly committed at 38F Level 2, Jalan Radin Anum, Bandar Baru Sri Petaling on Sept 6, 2023.
On the second charge, Azmi is alleged to have deceived Iskandar by hiding that the daily charter rate on Jan 15, 2024, was RM110,000 for work order Work Order No: WOR/CTC/HC-GP/2018/188 AHTSA/1091 X2.
This led to Iskandar to agree to sign the BIMCO Supplytime 2017 at the daily charter rate of RM78,000 between the two companies at the same place on Jan 16, 2024.
Both charges under Section 417 of the Penal Code, provides for a maximum five years' jail term or fine or both.
The purported value of the charter contracts is RM1.03 million
The BIMCO Supplytime 2017 is a contract that is the global standard for the charter of vessels set by Baltic and International Maritime Council.
Azmi is represented by Datuk Jagjit Singh, Datuk Seri Wan Normazlan Che Jaafar and Wan Mohd Ariff Ameen of Messrs Jagjit Ariff & Co.
Deputy public prosecutor Noor Syazwani Mohammad Sobry, who appeared with DPP Nurul Izzati Sapifee, offered bail at RM500,000 on the conditions that the accused report to the Malaysian Anti Corruption Commission office every three months and does not meet or tamper with potential witnesses.
Wan Normazlan argued for a lower bail as the high amount proposed was punitive in nature and that Azmi had cooperated with investigators in the case.
Judge Suzana Hussin fixed bail at RM300,000 with one surety and set Nov 18 for case management.
Alam Maritim is among the 106 listed companies that Tabung Haji previously had an equity stake in. Those shares were transferred to special-purpose vehicle Urusharta Jamaah Sdn Bhd in 2018 in an effort to rejuvenate the financially ailing pilgrims fund.