He pleaded not guilty before sessions court judge Wan Mohd Norisham Wan Yaakob in Johor Bahru today, Bernama reported.

The accused was charged in his capacity as JCorp president and CEO with deceiving and dishonestly inducing the board members to invest US$1 million in World Logistic Council Ltd and US$1.25 million in World Logistic Council Americas LLC, without disclosing the true financial position of the companies, which were no longer capable of continuing their operations.

Kamaruzzaman, 58, retired on Dec 31, 2019 after serving the Johor state-owned conglomerate in various roles in finance. He was appointed CEO in December 2010.

He was charged with committing the offence between 9.30am and 1.45pm at the JCorp directors’ meeting room at Menara Komtar in Johor Bahru on July 8, 2019.

The offence carries a maximum jail term of 10 years, whipping and a fine, if convicted.

Kamaruzzaman was allowed bail of RM150,000 in one surety and ordered to surrender his passport to the court before April 23 after his return from umrah.

Wan Mohd Norisham also ordered the accused to report himself at the nearest Malaysian Anti-Corruption Commission (MACC) office and to not intimidate witnesses in the case, as requested by MACC deputy public prosecutor Zander Lim.

Lawyer K Ragunath appeared for the accused.

The case was set for mention on May 25.

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