KUALA LUMPUR: Former Sime Bank Chief Executive Officer Ismail Zakaria will be spending the weekend in Kajang Prison after failing to raise a RM600,000 fine imposed by a court.
In a text message to FMT, his lawyer Kitson Foong said Ismail’s family was short of RM140,000 to pay the fine on Friday.
“They may come back to court on Monday to settle the total fine (RM600,000),” he said.
Judicial Commissioner Ab Karim Ab Rahman had cautioned Ismail that if he failed to pay the fine, he would have to serve 10 months’ jail on each of four charges.
Ismail’s lawyer Kitson Foong had asked the court to impose a fine instead of jail given his client’s medical condition.
Deputy Public Prosecutor Abdul Rashid Daud agreed that Ismail should not be put behind bars. Instead, he pressed for a high penalty considering that Sime Bank collapsed.
Ismail was fined RM600,000 by the High Court on four charges relating to credit facilities amounting to RM175 million.
Ab Karim said the court only imposed a fine on Ismail, who is now wheelchair bound, due to his current situation.
“He has no income due to his situation,” he noted.
Ismail had earlier suffered a stroke.
In September 2011, Ismail was freed by the Sessions Court on charges related to approving credit facilities totalling RM175 million to Everise Capital Sdn Bhd, an investment company.
The same court also acquitted him on four alternative charges relating to criminal breach of trust.