KUALA LUMPUR: The Finance Ministry agreed to approve the RM150mil investment by the Federal Land Consolidation and Rehabilitation Authority (Felcra) in Public Mutual Berhad unit trust after three investment proposal papers were submitted by Kinabatangan MP Datuk Seri Bung Moktar Radin, a Sessions Court was told.

       Former Felcra Berhad group chief financial officer (CFO) Mohd Azmy Abu Samah, 54, said Bung who was then the non-executive chairman of the agency submitted three working papers involving investments of RM50mil, RM100mil and RM150mil for the ministry’s consideration.

       Mohd Azmy said initially, Bung met with Datuk Seri Ahmad Husni Hanadzlah, who was then finance minister II in Parliament, and handed over one proposal paper on the RM50mil investment in unit trust.

       "Nonetheless, the finance minister II asked Bung why not invest everything that refers to pension funds of Felcra,” said the witness during an examination-in-chief by deputy public prosecutor Mohd Sophian Zakaria at the corruption trial involving Bung and his wife, Datin Seri Zizie Izette Abdul Samad.

       According to the 26th witness, he later told Bung, it depended on the Minister of Finance Incorporated (MKD), who is also a shareholder, and advised Bung Moktar not to invest all of it.

       The witness said MKD, however, approved the investment of RM150mil in a letter dated April 23 2015.

       Questioned by Mohd Sophian on whether the RM150mil investment in Public Mutual unit trust was earlier tabled to Felcra board of directors, Mohd Azmy replied, “No need, nonetheless any investment should be reported to the board of directors.”

       However, the witness said the transfer of RM150mil for unit trust investment was not reported to the board of directors before the transfer was made.

       "RM150mil was credited into the account of Public Mutual and I also informed Bung on the matter in writing,” Mohd Azmy said.

       The hearing, which was held before Judge Hakim Rozina Ayob, continues on April 6.

       On May 3, 2019, Bung, 64, pleaded not guilty to two charges of receiving bribes amounting to RM2.2mil and RM262,500 as an inducement to obtain the approval of Felcra to make a RM150mil investment in Public Mutual unit trust.

       Bung, who was the non-executive chairman of Felcra then, allegedly received bribes from investment agent Madhi Abdul Hamid through Zizie Izette at the Public Bank branch in Taman Melawati here between 12.30pm and 5pm on June 12 2015.

       He also pleaded not guilty to receiving cash bribes of RM335,500 from unit trust consultant Norhaili Ahmad Mokhtar under Zizie Izette’s name for the same reason at the same place on June 19, 2015 while Zizie Izette, 44, pleaded not guilty to three charges of abetting with her husband at the same place, date and time. - Bernama