Thursday, 12 February, 2004

Malaysia minister on fraud charge

Mr Kasitah denies the charges
Malaysia's land minister has been arrested and charged with corruption in connection with multi-million dollar share transactions.
Kasitah Gaddam was bailed by a court in Kuala Lumpur after pleading not guilty to two counts of corruption.
His was the second high-profile arrest over corruption in Malaysia this week, after former Perwaja steel magnate Eric Chia Eng Hock was charged with fraud.
Malaysian Prime Minister Ahmad Badawi has launched a crackdown on fraud.
Mr Kasitah was taken to court under heavy police guard just hours after he was arrested by the Anti-Corruption Agency.
The attorney general ordered Mr Kasitah to surrender his passport and travel documents, telling him the offence was "serious".
Mr Chia was subject to an eight-year investigation into Malaysia's biggest and longest-running financial scandal.
Perwaja Steel, like many other state companies, was intended as a flagship when it was set up in 1982.
But mismanagement landed it with debts of $2.6bn and losses of $790m.
The company was declared insolvent in 1995, a year after Mr Chia stepped down as managing director.

Parent site: "Focus on Malaysia"