Grant Thornton managing partner charged with CBT involving RM2.38 million

KUALA LUMPUR - Grant Thornton Malaysia's country managing partner, Datuk C. R Narendrakumar, was charged in two Sessions Courts here today, with eight counts of breach of trust amounting to RM2.38 million involving funds belonging to an investment management company.

Narendrakumar, 72, pleaded not guilty to all counts, five of which were read out to him before Judge M Bakri Abd Majid, and another three before Judge Datin Sabariah Othman.

According to the eight charges, Narendrakumar, as a manager and receiver over Sabah Forest Industries Sdn Bhd, was alleged to have committed breach of trust involving RM2,383,370.31 belonging to Pelangi Prestasi Sdn Bhd which had been entrusted to him.

The offences were allegedly committed at CIMB Bank Berhad, Commerce Life Building, Jalan Tuanku Abdul Rahman here, between Dec 6, 2019 and Sept 18, 2020.

The charges under Section 409 of the Penal Code provide for imprisonment of between two and 20 years with whipping and fine, if convicted.

Before Judge Bakri, deputy public prosecutor Zulaaikha Mohd Apandi did not offer any bail as the offence is non-bailable, however should bail be allowed the prosecution suggested RM200,000 for all five charges and that his passport be handed over to the court.

Before Judge Sabariah, DPP Lim Chooi Yi did not offer bail for the same reason Counsel for the accused, AG Kalidas appealed for his client to be granted bail at a lower amount.

"My client is the co-founder of Grant Thornton, an audit and consultancy firm with thousands of employees. He also has several health issues and is not a flight risk,” he said.

Judge Bakri allowed the accused bail of RM60,000 with two sureties for all five charges while Judge Sabariah granted him RM50,000 bail with one surety for all three charges.

The accused was ordered to surrender his passport and both courts fixed Oct 14 for case mention. - BERNAMA