A former investment bank chief executive officer has claimed trial in the Sessions Court here over an alleged cheating case involving a RM139.8 million payment to a private university management company, Bernama reported.
Razlan Raghazli, 43, the former CEO of UBB Investment Bank Limited, pleaded not guilty after the charge was read before Sessions Court Judge Azura Alwi.
Razlan is accused of deceiving UBB Amanah Berhad Managing Director and CEO Aida Aizura Othman, 52, into believing that a payment schedule in a letter issued by UBB Investment Bank Limited was in accordance with legal advice.
The letter, titled “Disbursement Advice on Islamic Property Financing Under Bai-Bithaman Ajil (BBA)” and dated Sept 18, 2025, was signed by Razlan and stated that the payment schedule had followed advice from law firm Kassim Tadin, Wai & Co.
The prosecution alleges that Razlan knew the payment schedule actually contradicted the legal advice. The alleged deception resulted in Aida Aizura releasing RM139,891,776 to ELMU Higher Education Sdn Bhd, a payment she would not have made had she known the actual position.
The offence, under Section 420 of the Penal Code, was allegedly committed at the bank in Desa Sri Hartamas in September 2025. If convicted, Razlan faces up to 10 years’ imprisonment, whipping and a fine.
The court granted bail at RM60,000 with one surety, alongside orders for Razlan to surrender his passport and refrain from contacting prosecution witnesses. The case will be mentioned on Oct 12 for submission of documents.
The proceedings also saw UBB’s lawyer seek an order preventing the media from naming the financial institution, citing potential concerns over financial stability and depositor panic. However, the judge said the public had a right to know further details of the case.
