Insurance branch manager testifies in Malaysia corruption trial

Insurance branch manager testifies in Malaysia corruption trial | Insurance Business

Insurance branch manager testifies in Malaysia corruption trial

A branch manager for Allianz General Insurance Malaysia testified that former deputy prime minister Ahmad Zahid Hamidi and his family had bought 39 insurance policies for 20 vehicles owned by his family, totalling MYR72,209 (US$17,360).

The testimony of Fang Suat Lim, 49, was part of the trial for Zahid, who faces 47 charges involving tens of millions of ringgit in funds belonging to the Akalbudi Foundation, Free Malaysia Today reported. Twelve of the charges were for criminal breach of trust, eight for corruption, and 27 for money laundering.

According to Fang, Zahid bought a total of 39 insurance policies for 20 vehicles, including 18 luxury brand vehicles, such as BMW X5, Mini Cooper S, Mercedes Benz CLS350, BMW 320i (A), Toyota Land Cruiser, as well as a high-powered motorcycle, BMW R1200 GS.

She said that the policies were registered under Zahid’s name, his wife Hamidah Khamis, and their children – Nurulizwani, Datuk Nurulhidayah, and Ahmad Syafiq Hazieq. The following four types of products were purchased, according to Fang: private car policy, motorcycle policy, enhanced road warrior policy and bike warrior policy.

She also said that the policies were paid using cheques from three different banks – Public Bank Berhad, Public Bank Islamic, and Maybank Berhad – between January and November 2015. The payments were made through Maya Consultant Services and insurance agent Ahmad Izhan Abd Rashid.

When asked about the difference in the value of the insurance policies and the amount indicated in the receipts, Fang answered that there was a 10% deduction from the premium amount for agent’s commissions.

Zahid served as deputy prime minister from 2015 to 2018 under former prime minister Najib Razak. He is currently the president of opposition party United Malays National Organisation (UMNO).