Business · Malaysia Bureau
Islamic finance expert sues over alleged unauthorised use of name
Daud Bakar is seeking RM21.5 million in damages, claiming his name and reputation were misused in connection with Energy Eco Bhd. The scholar says he discovered the alleged misuse only after the company failed to distribute dividends and concerned investors contacted him.
LSN Malaysia ·
The prominent Islamic finance expert has filed a legal claim against parties accused of misusing his name and reputation, seeking RM21.5 million in compensation. Daud Bakar, a respected figure in Islamic banking and finance circles, said he remained unaware of the alleged unauthorised use of his identity until shareholders of Energy Eco Bhd began making enquiries after the company defaulted on dividend payments.
According to Bakar's account, the situation came to light when investors frustrated by the non-payment of returns contacted him directly, leading to the discovery that his name had been associated with the company's operations. The claim underscores growing concerns among investors regarding corporate governance and the protection of professional reputations in financial ventures.
The case highlights the vulnerability of prominent individuals to reputational risk when their names are invoked without consent in business dealings. Bakar's legal action seeks to address both the financial impact and reputational damage sustained through the alleged misuse.
Energy Eco Bhd's failure to meet dividend obligations has previously drawn scrutiny from investors and regulatory authorities in Malaysia. The circumstances surrounding Bakar's involvement in the company remain the subject of the ongoing legal proceedings.