Datuk Seri charged with dishonest misappropriation of over RM2m

KUALA LUMPUR: A financial services company director with the title 'Datuk Seri' pleaded not guilty in the Selayang sessions court here today to dishonest misappropriation of more than RM2 million belonging to another company, last year.
Datuk Seri S. Subramaniam, 59, made the plea after the charge was read out to him before Judge Syafeera Mohd Said.
Subramaniam was alleged to have misappropriated RM2,472,888 belonging to Fortune China Ltd, which was deposited in stages into his RHB Bank account under the name Multi-Currencies to obtain approval for the non-existent Standby Letter of Credit.
He was alleged to have committed the offence at No. 53 & 55, Jalan 2/3A, Pusat Bandar Utara Selayang, Batu Caves here between April 13 and Aug 22, 2017.
The charge, under Section 403 of the Penal Code, carries a jail term of not less than six months and not more than five years; and with whipping and a liable fine, upon conviction.
Deputy public prosecutor Rozana Husin proposed a RM200,000 bail with one surety for the accused, however lawyer K. Ranjit Singh representing Subramaniam pleaded for lower bail as his client had given his full cooperation to police throughout the investigation.
The court allowed the accused bail of RM150,000 with one surety and fixed June 25 for mention. — Bernama