KUALA LUMPUR (Sept 29): Mohd Zaid Abdul Jalil, a former chief executive officer of Felda Investment Corp Sdn Bhd (FIC), has been charged with two counts of cheating the board of the state-owned company.
Mohd Zaid, 55, was accused in the first charge of deceiving FIC’s board that Synergy Promenade Sdn Bhd was eligible to be appointed as the master developer for a commercial development in Jalan Semarak when he was aware the company was only eligible to be appointed as a master planner.
He is alleged to have committed the offence in a meeting on Jan 16, 2014.
FIC is the non-plantation investment arm of Federal Land Development Authority.
For the second charge, Mohd Zaid was accused of deceiving the FIC board into believing that the market valuation for 24 lots owned by Felda for commercial development in Kuala Lumpur was RM330.96 million when he knew the actual value reported by consultancy firm Firdaus & Associates Property Professionals Sdn Bhd was RM691.7 million.
He also deceived the board into believing that the Valuation and Property Services Department had valued the land for RM180 million, when the department had never given such a valuation.
That intentionally induced the FIC board to accept the offer from Synergy Promenade under a clause for a minimum guaranteed return of RM500 million or 10% of the gross development value, whichever is higher.
He is alleged to have committed the crime on April 29, 2014.
Mohd Zaid pleaded not guilty to the two charges before Sessions Court judge Rosli Ahmad on Tuesday.
Both charges are framed under Section 417 of the Penal Code and carry a punishment of imprisonment for up to five years, a fine, or both.
Bail at RM60,000
The court set bail at RM60,000 with one surety and asked for his passport to be impounded. Mohd Zaid is also required to report to the Malaysian Anti-Corruption Commission office once a month.
Earlier, deputy public prosecutor Mohd Radzi Shah Ab Razak suggested bail of RM50,000 for each charge, among other conditions.
Mohd Zaid's counsel Shahrullah Khan asked for bail to be imposed at RM10,000 for each charge as his client has financial issues.
The lawyer added that his client has always cooperated with the authorities, even being a prosecution witness in two cases including a case involving ex-Felda chairman Datuk Seri Mohd Isa Abdul Samad, who is currently in prison after the courts found him guilty of graft.
Mohd Zaid's case comes up for mention on Oct 29.