By Asia Samachar | Malaysia |
Businessman Ranjeet Singh Sidhu was charged in the Sessions Court with bribery and document forgery in connection with a RM400 million loan application for a telecommunications infrastructure project dating back to 2012.
The 56-year-old pleaded not guilty before judge Rosli Ahmad yesterday (Feb 23) to allegedly giving RM8 million to a former bank chief to secure approval for the financing, according to local media reports.
According to the charge, the payment was intended to induce Mohd Zafer Mohd Hashim, then head of Bank Pembangunan Malaysia Berhad (BPMB), to approve a loan sought by V Telecoms Bhd. The funds were meant to support the rollout of a fibre optic network encircling Peninsular Malaysia.
The bribery charge, under Section 16(b)(A) of the MACC Act 2009 and punishable under Section 24(1), provides for imprisonment of up to 20 years and a substantial fine upon conviction.
Ranjeet also faces a separate count under Section 471 of the Penal Code for allegedly using as genuine a forged “Joint Completion Guarantee” document dated June 21, 2012, purportedly between V Telecoms Bhd and Huawei Technologies Co Ltd, to satisfy loan conditions.
The court fixed bail at RM150,000 with one surety. Additional conditions require Ranjeet to surrender his passport and report once a month to the MACC headquarters until the case is concluded.
Deputy public prosecutor Farah Ezlin Yusop Khan requested the bail amount and additional conditions, while defence counsel Gobinath Mohanna sought a lower sum, informing the court that the accused’s passport was already with the MACC.
The matter has been scheduled for mention on March 30.
Ranjeet was also the MD of Vascory Bhd, according to his LinkedIn profile. It stated that in 1999, he ventured into the field of micro financing and expanded to a wide range of businesses including real estate, properties, lifestyle and leisure, ICT and telecommunications.
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