Local

Zahid case: Yayasan Akalbudi never had AGM or audit

Mahinder, who was made Yayasan Akalbudi's company secretary in 2012, was never given the documents she required to submit mandatory reports to the Malaysian Companies Commission.

TheMole
Written by TheMole

KUALA LUMPUR — Feb. 12, 2020: Yayasan Akalbudi, founded by former deputy prime minister Datuk Seri Zahid Hamidi in 1997, never held an annual general meeting or audited its financial position and thus never submitted the required documents to the Malaysian Companies Commission (SSM).

According to company secretary Mahinder Kaur, she was unable to update the foundation’s position as the documents given her were incomplete.

She was asked by Zahid in 2003 to do the update and she did remind Zahid several times about the documents, which he said he would provide but has failed to do so until now.

Under the Companies Act a company must hold its first AGM within 18 months of its incorporation while the subsequent meeting must be held not later than 15 months after the previous AGM.

Under the same act, a company is also required to submit an audited report to SSM within 30 days of its AGM.

Mahinder told prosecutor Lee Keng Fatt that she got to know Zahid in 1989 and was appointed company for a company owned by him in 1993 and then to the foundation in 2012.

Zahid is facing 47 charges involving millions of ringgit from Yayasan Akalbudi.

Mahinder further testified that the foundation also never had any meeting with its board of trustees and neither was she informed of its activities.

The trial before Justice Collin Lawrence Sequerah continues tomorrow.

Comments

comments

About the author

TheMole

TheMole