Published on: Thursday, May 14, 2009 |
Kuala Lumpur: Tan Sri Kasitah Gaddam did not disclose the parallel offer by PPB Oil Palms to the Sabah Land Development Board (SLDB) resulted in the board suffering a loss of more than RM137.5 million in 1996, the High Court heard, Tuesday.
Deputy Public Prosecutor Masri Mohd Daud submitted that Kasitah had concealed the information from the board members which resulted in the board on Oct. 22, 1996 approving the sale of Sapi Plantation shares to Briskmark Enterprise Sdn Bhd at a much lower price.
Masri said evidence adduced via prosecution witnesses revealed that the board members would not have approved the sale of 16.8 million Sapi shares to Briskmark if Kasitah, who at the material time was the Chairman of SLDB, had disclosed the details of the PPB Oil Palm's offer.
"Kasitah had intentionally deceived the board members on the offer made by PPB Oil Palms and induced the members to approve the sale to Briskmark where he did not disclose his interest in the sale of the shares," submitted Masri.
Masri pointed out that Kasitah himself chaired the board meeting at the Fairlane Hotel in Kuala Lumpur which was the first board meeting outside Kota Kinabalu, where the accused had actively participated in the decision making after he was promised 3.36 million PPB Oil Palms shares by Briskmark Director Datuk Wasli Mohd Said.
He pointed out that evidence also showed, before the board meeting on Oct 22, 1996, that Kasitah had some pecuniary interest in the sense that he was going to benefit from the sale of the shares.
Masri added prior to the sale of shares to Briskmark, Kasitah initially had obtained the approval of Chief Minister Tan Sri Joseph Kurup, the Minister in charge of SLDB, where he had proposed two bumiputra companies to purchase the Sapi shares.
"Evidence was adduced that these two companies were either newly incorporated or dormant, or that their accounts were not in order and that they did not have permanent offices," Masri told the court.
He said even though there was no direct evidence to show that Kasitah had direct interest in both the bumiputra companies, his action during that period of time by threatening to transfer SLDB General Manager Datuk Mohd Tahir Jaafar showed that he would be benefiting from the sale.
Kasitah, 60, is alleged to have used his position as SLBD Chairman for his financial gain by taking part in the decision to approve the sale of 16.8 million Sapi Plantation shares held by the board to Briskmark Enterprise Sdn Bhd.
He is also charged with deceiving the SLBD by omitting to disclose the offer by PPB Oil Palms Sdn Bhd to allocate five shares of the company for each Sapi Plantation shares held by the board to Brismark.
Meanwhile, Deputy Public prosecutor Datuk Azmi Ariffin, who also assisting the prosecution team, submitted that without doubt Kasitah had used his public office for his pecuniary gain.
He said Kasitah was in dire need to settle his RM10.9 million bank loan, where DCB Bank (now known as RHB Bank) had issued three notices of demand to settle the loan.
"Kasitah saw the opportunity to obtain money by involving in the sale of Sapi shares," said Azmi.
He said as a first step, Tahir, who had been opposing the sale of shares to the two bumiputra companies, was abruptly transferred out to Yayasan Sabah and Kasitah worked with Wasli, the new General Manager of SLDB, to sell the shares to Briskmark and subsequently settled his loan with the bank.
Azmi also said there was no evidence that Kasitah had disposed of his Intra Oil Sdn Bhd shares in settling the bank loan as contended by the defence.
"We submit that the prosecution had established a prima facie case against the accused. We urge the court to call the accused to enter his defence on both charges," concluded Azmi.
Kasitah's counsel, Datuk Muhammad Shafee Abdullah will reply the prosecution's submission before justice Suraya Othman on Friday.
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