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MP loses more than RM800K in fixed deposit

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Miri MP Dr Teo (right) with his lawyer, Abun Sui (middle) and a financial clerk, Lee Ping , showing the police report.

MIRI: Miri MP Dr Michael Teo Yu Keng on Thursday claimed that his cash amounting to (Singapore Dollar) $D272,893.74 had disappeared from his fixed deposit which he kept with a bank here.

A police report was lodged at 1.38pm yesterday at Miri central police station after he felt cheated by the bank.

Dr Teo was accompanied by his lawyer Abun Sui and an accounts clerk Lee Ping.

According to his police report, Dr Teo had kept that amount in a fixed deposit account in the bank on April 4, 2014.

Two bank officers came to see him and promised to re-invest for another two years for an interest rate of 7.1 percent with a maturity date of April 4, 2016.

“Now, after the maturity date of two years, the cash has disappeared in the bank,” he claimed.

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