Jazman, 53, and his son, Irfan Hadi, 28, a former director of the same company, pleaded not guilty after the charges against them and Kenaf Trading Global were read before judge Azrul Darus, Bernama reported.
They were each charged with two counts of inviting people to participate in the Kenaf Development Fund scheme, which was not registered under the Interest Schemes Act 2016, at a unit in Plaza Sentral, Jalan Stesen Sentral 5, between September 2021 and August 2023.
Framed under Section 3(2)(a) of the Interest Schemes Act 2016, the charges are punishable under Section 3(3) of the same law, which carries a maximum penalty of 10 years’ imprisonment, a fine of up to RM50 million, or both, upon conviction.
Kenaf is a fast-growing hibiscus-type plant, prized for its fibre. It is also used as a biofuel and as feed.
Jazman also faces two charges of being directly involved in the management of Kenaf Trading Global while being declared bankrupt during the same period and at the same location.
He was charged under Section 198(1)(a) of the Companies Act 2016, which is punishable under Section 198(7) of the same law, which carries a maximum imprisonment of up to five years, a fine of up to RM1 million or both if convicted.
Kenaf Trading Global, represented by Irfan Hadi, was also charged with two counts of inviting people to participate in the same scheme at the same location and during the same period, under Section 3(2)(a) of the Interest Schemes Act 2016.
Companies Commission of Malaysia prosecuting officer Nurul ‘Ain Shafie proposed bail of RM15,000 per charge for each accused, and that they be required to report to the nearest police station once a month, refrain from interfering with prosecution witnesses and surrender their passports to the court until the disposal of the case.
Lawyer Zahidah Zaman, representing both the accused, appealed for bail to be set at RM10,000, on the grounds that Jazman, who currently works as a freelance accountant earning RM4,000 a month, also cares for his wife, who has mental health issues, while his son is unemployed.
The court granted Jazman bail of RM40,000, while his son was allowed bail of RM20,000 with the additional conditions requested by the prosecution, and set April 15 for mention.