Well-known Islamic finance personality Daud Bakar and a company director were jointly charged at the Sessions Court today with seven counts of criminal breach of trust (CBT) involving RM10.55 million.
Both Daud, 62, and Norliza Tajudin, 53, pleaded not guilty after the charges were read before Judge Suzana Hussin.
The pair are accused of misusing funds entrusted to them in their roles as directors and shareholders of Energy Eco Sdn Bhd. The money, allegedly belonging to Moideen Kunjayu, was disbursed in two tranches amounting to RM400,000 and RM200,000.
According to the charge sheet, the funds were meant to be used strictly for the construction and expansion of a glove manufacturing business in accordance with shariah principles, under a shareholders’ advance agreement dated June 22, 2021 and May 12, 2024.
The charges fall under Section 409 of the Penal Code, which carries a prison sentence of between two and 20 years, along with whipping and a fine upon conviction.
In addition to the RM600,000 allegation, both accused also face similar CBT charges involving RM1.95 million belonging to Koperasi Perumahan Sentul Pasar Kuala Lumpur Berhad, RM2 million linked to former deputy minister Mashitah Ibrahim, and RM6 million belonging to MyKad Kapital Sdn Bhd.
The alleged offences are said to have taken place between June 22, 2021 and May 15, 2024, involving transactions conducted at several banks across the Klang Valley.
Daud Bakar is a prominent figure in Islamic finance and previously served as chairman of the Shariah Advisory Councils of both Bank Negara Malaysia and the Securities Commission Malaysia.
