Businessman Datuk Ranjeet Singh Sidhu pleads not guilty to bribing ex-BPMB chief over RM400mil loan

PETALING JAYA: A prominent Malaysian businessman appeared before the Sessions Court in Kuala Lumpur on Monday, denying charges that he paid an RM8 million bribe to a former bank chief to secure a massive government-linked loan more than a decade ago.

Datuk Ranjeet Singh Sidhu, 56, entered his plea before judge Rosli Ahmad, facing allegations that he offered the sum as an inducement to Datuk Mohd Zafer Mohd Hashim — who at the time served as president and managing director of Bank Pembangunan Malaysia Berhad (BPMB) — to facilitate the approval of a RM400 million loan application submitted by V Telecoms Berhad.

According to the charge, the funds were sought to develop a coastal fibre optic network spanning Peninsular Malaysia. The alleged bribery took place approximately 14 years ago.

New Straits Times reported that Ranjeet faces the primary charge under Section 16(b)(A) of the Malaysian Anti-Corruption Commission (MACC) Act. If convicted under Section 24(1) of the same legislation, he could face up to 20 years in prison and a fine amounting to no less than five times the value of the bribe, or RM10,000 — whichever is the greater sum.

A second charge was also read against the accused, relating to the dishonest use of a forged document presented as authentic. Specifically, prosecutors allege that Ranjeet submitted a fabricated “Joint Completion Guarantee” document, purportedly an agreement between V Telecoms Berhad and Huawei Technologies Co Ltd dated June 21, 2012, and used it to satisfy the conditions required for the RM400 million loan approval from BPMB for the same project, at the same time and place. This charge falls under Section 471 of the Penal Code, which carries a maximum penalty of two years’ imprisonment, a fine, or both.

Deputy Public Prosecutor Farah Ezlin Yusop Khan proposed bail of RM150,000 with one surety, and further requested that Ranjeet surrender his passport and report monthly to MACC headquarters for the duration of the proceedings. Defence counsel Datuk Gobinath Mohanna sought a reduction in the bail amount and informed the court that the accused’s passport was already held by the MACC.

The court ultimately set bail at RM150,000 with one surety and granted the prosecution’s additional conditions. The case has been scheduled for mention on March 30.

 The Sun Malaysia