Former UBB Investment Bank CEO Razlan Raghazli pleaded not guilty to a cheating charge involving a RM139.89 million payment to an education company.
Razlan, entered the plea before Sessions Court Judge Azura Alwi in Kuala Lumpur on 19 August, according to Bernama.
The charge alleges that he led UBB Amanah Managing Director and CEO Aida Aizura Othman to believe a payment schedule followed legal advice from Kassim Tadin, Wai & Co despite knowing it contradicted the firm’s advice.
This allegedly caused Aida Aizura to release RM139,891,776 to ELMU Higher Education Sdn Bhd in September 2025.
Razlan was charged under Section 420 of the Penal Code. If convicted, he faces between one and 10 years in prison, whipping and a fine.
The court set bail at RM60,000 with one surety. Razlan must surrender his passport and cannot contact or interfere with prosecution witnesses.
The case will return to court on 12 October.
The judge also rejected UBB’s request to prevent the media from naming the bank, ruling that the matter was of public interest.
UBB Investment Bank recently paid RM10 million in compounds for suspicious transaction reporting and customer due diligence failures.
Bank Negara Malaysia and the Labuan Financial Services Authority found that the bank failed to promptly report 53 suspicious transactions conducted between 2023 and 2024.
It also failed to properly verify a customer during onboarding in 2023. The bank settled the compounds on 11 June 2026.
Featured image: Edited by Fintech News Malaysia, based on image by diloka107 via Magnific
