Kuala lumpur: A businessman with a "Datuk Seri" title pleaded not guilty in the Sessions Court today to a charge of criminal breach of trust (CBT) involving RM37.1 million in company funds, allegedly committed four years ago. Datuk Seri Zul Azmi Abu Hussin, 51, a director of Xspec Resources Sdn Bhd, was accused of misappropriating RM37,099,999.67 in company funds at a bank in Taman Tunku, Bukit Tunku here on Feb 15, 2022.

According to BERNAMA News Agency, the charge was brought under Section 409 of the Penal Code, which carries a maximum penalty of 20 years' imprisonment, caning, and a fine, upon conviction. Deputy public prosecutor Siti Suriatey Mohamed Yusoff applied for bail of RM500,000 with one surety, along with an additional condition that the accused surrender his passport to the court until the case is concluded.

Zul Azmi's lawyer Edly Mohammad Firdaus, however, applied for bail at RM50,000, citing that his client supports a wife, five children, and elderly parents, and suffers from hypertension. "My client was called in to give a statement today before being charged. He has fully cooperated with the investigation. Bail is not a form of early punishment, but to ensure the accused's presence in court," he submitted.

Judge Mohd Kafli Che Ali set bail at RM100,000 with one surety, along with the additional conditions sought by the prosecution, and fixed Oct 5 for case mention.