Ex-bank chief fined RM600k over RM175m credit facilities

zakaria

KUALA LUMPUR: Former Sime Bank chief executive officer (CEO), Ismail Zakaria, was fined RM600,000 by the High Court on four charges relating to credit facilities amounting to RM175 million.

Judicial Commissioner Ab Karim Ab Rahman 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 suffered a stroke.

JC Ab Karim said that if Ismail failed to pay the fine, he will have to serve 10 months jail on each charge.

Ismail’s lawyer Kitson Foong, in mitigation, 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.

On September 2011, Ismail was freed by the Sessions Court on charges relating 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.