KUALA LUMPUR, June 30 — Umno president Datuk Seri Ahmad Zahid Hamidi today insisted that Yayasan Akalbudi’s RM10 million cheque which he had signed off on was meant to be an...
Raja Rozela:Ahmad Zahid:, but as I explained in this court, it is an investment, the profit is used to help the poor, while the principal or the original capital is not. Therefore, the returns of investment that I stated, if the agreement is not successful in being carried out, that interest is used for. That’s why RM69,000 was credited to Yayasan’s account and that RM10 million was returned to Yayasan.
Yayasan Akalbudi’s company constitution or memorandum and articles of association states that its objective is to “receive and administer funds for the eradication of poverty and the enhancement of the welfare of the poor and to conduct studies and research relevant to the poverty eradication programme”, and that the foundation could do the items listed from 3 to 3 for such purposes.
Ahmad Zahid today cited item 3 as allowing Yayasan Akalbudi to carry out an investment by issuing the RM10 million cheque, where it was stated the charitable organisation could “invest in Malaysia the money of the foundation not immediately required in such manner as from time to time the foundation acting through its board of trustees may think fit”.
But Raja Rozela suggested that the RM10 million which Ahmad Zahid insisted was an investment was not done with the approval of Yayasan Akalbudi’s board of trustees and that the trustees did not even meet to discuss the purported investment, with Ahmad Zahid then blaming Yayasan Akalbudi’s company secretary for the lack of such a document.
The meeting or discussion was not recorded anywhere, I didn’t ask about resolution or decision, I say the discussion is not recorded anywhere, no records to show there was a discussion among the board of trustees about the RM10 million.
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