UBB Amanah strong, stable and unaffected amid ex-investment bank CEO charged over RM139.89mil secured-financing deal

KUALA LUMPUR, Aug 20 — UBB Amanah Berhad has moved to reassure its agents and clients that its operations remain “strong, stable and unaffected” after the former chief executive officer of its sister company, UBB Investment Bank Limited, was charged in court over a RM139.89 million financing deal.

In an internal memorandum dated Aug 19, 2026 and addressed to “all Agencies, Agents and Independent Trust Consultants,” published on UBB Amanah’s website late Wednesday night, the company’s management said the collateral tied to the charge against Razlan Raghazli, 43, is “duly secured” and that client interests “remain fully safeguarded and protected.”

“For the avoidance of doubt, the misconduct of the former UBB Investment Bank CEO does not in any way jeopardise UBB’s business operations. We reaffirm that our operations and financial standing remain strong, stable and unaffected,” the memo, titled “Clarification on Recent News in Relation to Charge Case Involving the Former UBB Investment Bank CEO,” read.

The company said it wished to “reiterate our unwavering commitment to integrity and professionalism” and thanked clients and agents for their “continued trust and support.”

The clarification comes a day after Razlan, who headed UBB Investment Bank Limited, claimed trial at the Kuala Lumpur Sessions Court to a single charge of cheating a senior executive of UBB Amanah Berhad into releasing the RM139.89 million (RM139,891,776) to an education company in a secured-financing deal.

According to the charge, Razlan had deceived Aida Aizura Othman, 52, managing director and CEO of UBB Amanah Berhad, into authorising the disbursement by misrepresenting that a letter — titled “Disbursement Advice on Islamic Property Financing Under Bai-Bithaman Ajil (BBA)” and dated Sept 18, 2025 — was consistent with legal advice given by law firm Kassim Tadin, Wai & Co, when it allegedly contradicted that advice.

The funds were said to have been channelled to ELMU Higher Education Sdn Bhd. The alleged offence is said to have taken place at UBB Investment Bank’s marketing office in Desa Sri Hartamas, Kuala Lumpur.

Razlan pleaded not guilty before judge Azura Alwi. He was represented by counsel Azamudin Abdul Aziz, while deputy public prosecutor Hazel Tan appeared for the prosecution.

–NMT