Witness: Bung said RM150 million investment was MOF's idea

📆 16/3/2020 8:45 AM

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📆 16/3/2020 8:45 AM
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NSTnation “The decision to increase the investment to RM150 million was made by the Finance Minister, so who am I to object to that?”

Habibah, 73, said she did not know that the amount requested was RM150 million as the amount approved by the board was RM50 million.

Habibah said she assumed that Bung Moktar was the one who had changed the investment amount from RM50 million to RM150 million after the recommendation was made to him. Based on a reply letter from the Finance Ministry Inc, Habibah said there was no objection raised in relation to the application for the RM150 million investment.

Habibah also testified that the discussion during a board meeting regarding the investment was about wanting to increase Felcra’s income.On May 3, last year, the outspoken Kinabatangan Member of Parliament pleaded not guilty to three counts of receiving a total of RM2.8 million in bribes. This was to enable Felcra to make a RM150 million investment in the unit trust products of Public Mutual Bhd.

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