KUALA LUMPUR, Aug 19 — A former chief executive officer (CEO) of an investment bank pleaded not guilty in the Sessions Court here today to a charge of cheating regarding a payment of RM139.8 million to a private university management company.

Razlan Raghazli, 43, the former CEO of UBB Investment Bank Limited, entered the plea after the charge was read out to him before Judge Azura Alwi.

He was charged with cheating the Managing Director and CEO of UBB Amanah Berhad, Aida Aizura Othman, 52, by deceiving her into believing that the payment schedule contained in a UBB Investment Bank Limited letter was in accordance with legal advice.

The letter, titled ‘Disbursement Advice on Islamic Property Financing Under Bai-Bithaman Ajil (BBA)’ dated September 18, 2025, was signed by the accused and stated that it followed legal advice from the firm Kassim Tadin, Wai & Co.

However, the accused allegedly knew that the payment schedule in question actually contradicted the advice provided by the law firm.

The act allegedly caused Aida Aizura to release a payment amounting to RM139,891,776 to ELMU Higher Education Sdn Bhd, a payment she would not have made had she not been deceived in such a manner.

The offence, under Section 420 of the Penal Code, was allegedly committed at the bank in Desa Sri Hartamas in September 2025.

He faces imprisonment of up to 10 years, whipping, and is liable to a fine upon conviction.

Deputy Public Prosecutor Hazel Tan Jia Qi proposed bail of RM100,000 with one surety, along with additional conditions requiring the accused to surrender his passport to the court and prohibiting him from interfering with or communicating with prosecution witnesses in the case.

However, lawyer Azamuddin Abdul Aziz, representing Razlan, requested that the bail amount be reduced to RM50,000, citing that his client had been unemployed since last June and had to support four children as well as an ailing mother.

Azura then set bail at RM60,000 with the additional conditions requested by the prosecution. She also set October 12 for mention and the submission of documents.

Meanwhile, the proceedings drew attention when lawyer Johan Mohan Abdullah, who is holding a watching brief for UBB, requested a court order prohibiting the media from naming the financial institution in their reports.

He argued that reports naming the institution could potentially undermine financial stability and trigger panic among depositors. However, Azura maintained that the public has a right to know further details regarding the case. — Bernama