Why did Sutracom transfer RM13.7 million to Mamfor Sdn Bhd?

Question

Accepted Answer

Sutracom Transferred RM13.7 Million to Mamfor Sdn Bhd to Settle Operating Costs and Outstanding Debts of Family-Owned Companies

Sutracom Sdn Bhd transferred RM13.772 million to Mamfor Sdn Bhd through nine transactions between September 2021 and November 2022. This transfer was intended to cover the operating costs and outstanding debts of several family-owned companies, including Sutracom itself, Mamfor, and Majulia Sdn Bhd. Shahrin Shamsuddin, the managing director of Sutracom, facilitated these transfers as an "advance" to his elder brother, Shahradzi, who was managing the family companies' debts.
Purpose of Fund Transfer

The RM13.772 million was specifically earmarked for settling debts owed by Sutracom, Mamfor (wholly owned by Shahradzi), and Majulia Sdn Bhd (owned by Shahrin's younger brother and mother). Shahrin had entrusted his elder brother, Shahradzi, with the responsibility of managing and settling these accumulated debts and operational expenses across the family businesses.
Inter-Company Financial Arrangements

Shahrin stated that it was a common practice for the family-owned companies to transfer funds among themselves. Despite having different registered addresses and being led by various family members, these entities were still considered a collective of family businesses. Shahrin viewed these transfers as a routine aspect of managing the family's business interests.
Understanding of the Advance

Shahrin transferred the funds from Sutracom to Mamfor as an "advance" because the amount was within the range of the companies' total outstanding debts. He had full trust that his elder brother was fulfilling his designated role in handling the financial obligations of the family's companies, and therefore saw no reason to question the transaction.
Lack of Knowledge Regarding Donations

Shahrin testified that he was unaware that any portion of the RM13.772 million transferred to Mamfor had been used for donations to Parti Pribumi Bersatu Malaysia (Bersatu). He only learned about these donations during a family meeting concerning investigations by the Malaysian Anti-Corruption Commission (MACC) into Sutracom. He explicitly stated that he never gave permission for any funds to be donated to Bersatu.

Reading history

Hide →

This history is cleared when the page is closed.

Why did Sutracom transfer RM13.7 million to Mamfor Sdn Bhd?

Loading

Was this article helpful?

Helpful

Not helpful

Report an issue

1

0

0

Share with friends