Bung Moktar sought Finance Ministry approval to invest RM150m in unit trust, court told

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The Kuala Lumpur Sessions Court was today told that Bung Moktar Radin had submitted an application letter from the Federal Land Consolidation and Rehabilitation Authority (Felcra) Bhd to invest RM150 million in the Public Mutual unit trust whereas the Felcra Board of Directors only agreed to invest RM50 million.Former Treasury deputy secretary-general for investments Mohmad Isa Hussain, 61, said that during the board’s meeting on Nov 24, 2014, which he, Bung Moktar and several other members attended, it was agreed that RM50 million would be invested in the unit trust.Isa said he received a letter of application for RM150 million investment on March 3, 2015 that was signed by Bung Moktar himself (a non-executive chairman of Felcra then) to be submitted to then second finance minister Ahmad Husni Hanadzlah for approval.“The application was approved by Husni, which means Felcra c…