Business · Malaysia Bureau
Former UBB Investment CEO denies RM139m fraud charges
The former chief executive of UBB Investment has pleaded not guilty to charges of defrauding investors of RM139 million in connection with an education company investment made in September last year.
LSN Malaysia ·
The ex-CEO entered the plea in court today as proceedings began into one of the region's significant investment fraud cases. The allegations centre on funds that were channelled into an education sector company during the period in question.
Investigators have alleged that the accused misappropriated investor funds totalling RM139 million through fraudulent misrepresentation of investment terms and expected returns. The case has drawn considerable attention given the substantial sums involved and the number of affected investors.
The defendant, who previously held the top executive position at UBB Investment, faces multiple charges related to the alleged scheme. Legal representatives for the accused have maintained their client's innocence, signalling plans to contest the allegations through the court process.
Court officials confirmed that further hearing dates will be scheduled to allow for presentation of evidence and witness testimony. The case is expected to proceed through the Malaysian legal system over the coming months, with authorities continuing their investigation into the full scope of the alleged fraud.