Former Sime Bank chief executive officer (CEO) Ismail Zakaria was fined RM600,000 by the High Court in Kuala Lumpur today after finding him guilty on four charges under the Banking and Financial Institutions Act (Bafia) 1989.

Judicial Commissioner Ab Karim Ab Rahman said he meted the fine punishment after taking into account Ismail’s mental and physical condition, following a stroke.

“The accused is convicted of the charges. The court takes into account the respondent’s (Ismail) physical and mental condition, and on the believe that the respondent has no income.

“Therefore, the fine punishment is appropriate and deferment of payment is not allowed," he said.

Ismail, who is wheelchair-bound, was fined RM150,000, in default 10 months’ imprisonment, on each count.

The court handed down the decision after allowing an appeal by the prosecution against a Sessions Court’s decision in acquitting and discharging Ismail on all four charges.

In the decision, Ab Karim said the Sessions Court judge had made a serious error in his finding.

“The revaluation made by the Sessions Court judge on the prosecution witnesses without any new evidence from the respondent showed a serious error,” he added.

On Sept 12, 2011, Ismail was acquitted and discharged by the Sessions Court on four charges of acting beyond his authority to approve credit facilities totalling RM175 million to an investment company.

Following which, the prosecution appealed against Ismail’s acquittal at the High Court.

Ismail was charged with approving RM59 million, RM50 million, RM40 million and RM26 million to Everise Capital Sdn Bhd.

He was accused of committing the offences between Sept 20, 1997, and Oct 21, 1997, in his office on the second floor of Sime Bank Building in Jalan Sultan Ismail in Kuala Lumpur.

The charges, under Section 65(1) of the Banking and Financial Institutions Act 1989 and punishable under Section 103(1)(a) of the same Act, provide for jail terms of up to five years or a maximum fine of RM5 million, or both, upon conviction.

Earlier, Ismail’s lawyer, Kitson Foong, in asking for a minimum fine, said his client was a bankrupt and had no income.

Head of the Commercial and Cyber Unit at the Attorney-General’s Chamber, Abdul Rashid Daud, who prosecuted, proposed a fine of RM250,000 on each count as the offence was serious.

- Bernama