Former UBB Investment Bank CEO pleads not guilty to RM139.8m cheating charge
Former UBB Investment Bank CEO Razlan Raghazli has pleaded not guilty to a charge of cheating involving RM139.8 million. The case centers on allegations that he deceived a colleague into releasing funds based on a payment schedule that contradicted legal advice.
Why it matters
This high-profile financial crime case highlights issues of corporate governance and accountability within the investment banking sector.
KUALA LUMPUR, Aug 19 — A former chief executive officer (CEO) of an investment bank pleaded not guilty in the Sessions Court here today to a charge of cheating regarding a payment of RM139.8 million to a private university management company.
Razlan Raghazli, 43, the former CEO of UBB Investment Bank Limited, entered the plea after the charge was read out to him before Judge Azura Alwi.
He was charged with cheating the Managing Director and CEO of UBB Amanah Berhad, Aida Aizura Othman, 52, by deceiving her into believing that the payment schedule contained in a UBB Investment Bank Limited letter was in accordance with legal advice.
The letter, titled ‘Disbursement Advice on Islamic Property Financing Under Bai-Bithaman Ajil (BBA)’ dated September 18, 2025, was signed by the accused and stated that it followed legal advice from the firm Kassim Tadin, Wai & Co.
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