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SG Prominent banker killed over bad property deals

Property Here - Wednesday, July 31, 2013

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An initial investigation into the murder of Hussain Ahmad Najadi (pictured), founder of the Arab-Malaysian Development Bank, revealed that it was due to property deals that have gone awry, noted Kuala Lumpur Police Chief Datuk Mohmad Salleh.

But those who ordered the hitmen to kill the 75-year-old banker have not been identified as yet. 

As such, the authorities are not only interviewing seven people who saw the crime, but are also reviewing footage captured by several CCTV cameras in the area. 

“We want to record statements from the witnesses and compare their version of events to get a clear picture of what transpired,” said Mohmad, adding that a client Hussain met prior to the incident will also be questioned. 

"I urge the public not to speculate about the case as it is being probed and there are many different angles to be taken into consideration,” he added.

Moreover, Hussain's wife, 49-year-old Cheong Mei Kuen who was also shot, is said to be in a stable condition and in hospital. 

On Monday afternoon, Hussain and his wife were walking towards their car on a busy KL street when a contract killer approached them and fired several shots. 

Hussain was hit in the ribcage and chest, while Cheong was injured on the hand and thigh. According to witnesses, the gunman, who was wearing khaki pants and a long sleeve checked shirt, fled to a red and white Proton Waja with two people inside.

Hussain, through his holding company Arab Investments for Asia Kuwait (AIAK), founded the Arab-Malaysian Development Bank in 1975. In 1981, the bank became a listed company on the Kuala Lumpur Stock Exchange (KLSE) and was renamed the AmBank Group.

Farah Wahida, Editor of PropertyGuru Malaysia, wrote this story. To contact her about this or other stories