What company received the disputed RM139.8m payment?

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ELMU Higher Education Sdn Bhd Received the Disputed RM139.8 Million Payment

ELMU Higher Education Sdn Bhd was the recipient of a disputed payment amounting to RM139,891,776. This payment was made to a private university management company. The former CEO of UBB Investment Bank Limited, Razlan Raghazli, has pleaded not guilty to a cheating charge associated with this transaction.
Details of the Cheating Charge

The charge against Razlan Raghazli alleges that he deceived Aida Aizura Othman, the Managing Director and CEO of UBB Amanah Berhad. This deception involved making her believe that a specific payment schedule adhered to legal advice. The payment schedule was outlined in a letter from UBB Investment Bank Limited dated September 18, 2025, titled ‘Disbursement Advice on Islamic Property Financing Under Bai-Bithaman Ajil (BBA)’.
Contradiction with Legal Advice

It is alleged that Razlan Raghazli was aware that the payment schedule presented in the letter contradicted the actual advice provided by the law firm Kassim Tadin, Wai & Co. This alleged misrepresentation led Aida Aizura Othman to authorise the substantial payment.
The Amount and Recipient

The disputed sum involved in the case is RM139,891,776. This significant amount was paid to ELMU Higher Education Sdn Bhd, a company involved in the management of private higher education. The prosecution contends that Aida Aizura Othman would not have authorised this disbursement if she had not been misled by the accused.

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What company received the disputed RM139.8m payment?

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