KUALA LUMPUR: After an eight-year trial, the Sessions Court here today acquitted Perbadanan Usahawan Nasional Berhad's (PUNB) former CEO Ahmad Zukni Johari and former secretary Mohamad Aminuddin Zain, who were charged with falsifying bond certificates valued at US$5 billion in 2000.

Judge SM Komathy Suppiah said she accepted Ahmad Zukni and Mohd Aminuddin's testimonies that they had no dishonest intentions in the issuance of the bond and it was done with the singular purpose of raising funds for the benefit of PUNB.

"On the evidence, I find that the conduct of both the first and second accused in issuing the bond without the sanction of the board (of PUNB) was foolish and an abuse of authority but not criminal.

"I therefore acquit and discharge both accused," Komathy ruled.

The Sessions Court judge also rejected prosecution's argument that the defence put forth by the duo was "an afterthought or fabrication".

Komathy on Sept 11, 2009 ordered both men to enter their defence and ruled the bond certificates were deemed false documents because it was "want of authority", not because they were signed by persons who were purported to have signed them.

Ahmad Zukni and Mohamad Aminuddin claimed trial on Oct 10, 2002, to jointly falsifying the bond certificates on Oct 13, 2000 at Wisma UOA II on Jalan Pinang, here.

Ahmad Zukni, 68, also pleaded not guilty to an alternative charge of making the falsifications while Mohamad Aminuddin, 53, pleaded not guilty for abetting the former.

Elaborating on her judgment, Komathy said the duo's testimonies was corroborated by a letter Ahmad Zukni had written to the then prime minister Tun Dr Mahathir Mohamad.

The letter was written on Dec 11, 2000, several days after Ahmad Zukni returned from London and before Bank Negara Malaysia had discovered the bonds, Komathy said.

In her written judgment, Komathy quoted significant parts of the letter which spelt out Ahmad Zukni's frustrations towards PUNB's board for their purported "old over-bureaucratic, complacent and increasingly irrelevant" thinking.

The judge highlighted a line in Ahmad Zukni's letter which read "I would also like you to consider giving me an opportunity to raise these funds from a potential source", which she said indicated that Ahmad Zukni had intended to disclose the bond issuance to the prime minister.

Ahmad Zukni earlier had testified he briefed Mahathir on PUNB's operations and financial status and took direct instruction from Mahathir, who was then chairman of the board of trustees of Yayasan Pelaburan Bumiputera, Komathy said in her decision.

Yayasan Pelaburan Bumiputera wholly-owns PUNB.

According to the judgment, Ahmad Zukni's main defence was he did not approach PUNB's board for approval because they were "conservative and complacent" in their decisions and Ahmad Zukni believed that he was empowered by the power of attorney he had to issue the bond.

The bonds were intended to raise an estimated RM16 billion for PUNB to undertake four mammoth projects, Ahmad Zukni told the court.

The former CEO had also testified that he was "confident and honestly believed" that he would obtain Mahathir's support and could later obtain the requisite approvals from the PUNB board and other relevant authorities.

In his defense, Mohd Aminuddin said that he signed the bond on Ahmad Zukni's instructions because he was confident that Ahmad Zukni would be able to obtain the necessary approvals after his meeting with the prime minister.

After the verdict was delivered, Ahmad Zukni and Mohd Aminuddin leaped up and hugged each other.

Met afterwards, Ahmad Zukni said "what is right is right" and that the lengthy trial was "the will of god".

Asked if he would return to PUNB, Ahmad Zukni replied: "I'm almost 70 (years old). If the opportunity arises, why not? We still have to serve the country".

Mohd Aminuddin also expressed relief but said that the case had "destroyed" his life.

"My life has been destroyed. I lost everything. I have to start my life all over again," Mohd Aminuddin told reporters.

Ahmad Zukni was represented by lawyers Datuk Seri Muhammad Shafee Abdullah and Goik Kenzu while Mohamad Aminuddin was represented by T Suresh.