KUALA LUMPUR: A broker today had those attending former Finance Minister Lim Guan Eng's corruption trial amused when he revealed how he sold a Maurice Lacroix watch to a businessman awarded the Penang undersea tunnel project for double the purchase price.
K Rajan Gunaretnam said he sold the Swiss-made watch to Datuk Zarul Ahmad Mohd Zulkifli for RM40,000 after buying it for just RM20,000.
The 66-year old, who used to be a luxury watches broker, had those present in the courtroom sniggering when he testified that he had bought the watch for only half the price from a dealer.
Speaking in English, the fifth prosecution witness in Lim's corruption trial started off his testimony by stating that he had been introduced to Zarul sometime in 2011 by a mutual friend.
Rajan said he was involved in the brokering of luxury watches business between 2013 and 2015 and Zarul was his regular client.
"I used to get watches from suppliers to be shown to customers. In 2015 or 2016, Zarul asked me to find him a Maurice Lacroix watch.
"I managed to find one for him and bought it for RM20,000," he said.
At this point Deputy Public Prosecutor Wan Shaharudin Wan Ladin asked Rajen how much he eventually sold the watch to Zarul for.
"RM40,000, Rajan said without hesitation, much to everyone's amusement.
Wan Shaharudin: Why was there such a vast difference in the price? That is a very good margin.
Rajan: It is a normal practice for those dealing in luxury products. Most have a 35 per cent to 50 per cent profit margin.
Later, when cross examined by Lim's lawyer, Gobind Singh Deo, Rajan said he used to deal with Zarul whenever he got good deals or watches to be shown to the businessman.
"Whenever I got some good watches I used to call him and he would buy from me.
"He buys for his staff and himself. He is a watch collector."
Gobind: Have you met Lim Guan Eng?
Rajan: No
Gobind: My client has nothing to do with these watches.
Rajan: I don't know. I had no dealings with him.
Lim is facing four charges in relation to the undersea tunnel project.
He is accused of soliciting a 10 per cent cut in profits from the project from Zarul, who is Consortium Zenith BUCG managing director.
He is also accused of seeking RM3.3 million in kickbacks to appoint Zarul's company to undertake the project, and another two charges of dishonestly misappropriating RM208.7 million worth of state land to two companies.
The trial, which is heard before Sessions Court judge Azura Alwi, continues.