RM2.3 billion embezzlement: MACC investigates former senior minister, Tan Sri

19 May 2023 01:07pm
Image for illustrative purposes only
Image for illustrative purposes only

SHAH ALAM - The Malaysian Anti-Corruption Commission (MACC) is investigating a former senior minister and a businessman with the title "Tan Sri" in relation to the embezzlement of national funds involving over RM2.3 billion.

A source said the investigation was carried out under the MACC Act 2009 and the Anti-Money Laundering, Anti-Terrorist Financing and Proceeds of Unlawful Activities Act (AMLATFPUAA) 2001.

"The investigation is a continuation and addition to the disclosure of confidential documents made by the International Consortium of Investigative Journalists (ICIJ) on suspected transactions in several offshore financial centres.

"The focus of the investigation is in relation to the purchase and ownership of shares in a listed company by a national giant that is said to be orchestrated by a former senior minister.

"It is also understood that the transaction of purchase and ownership of shares is believed to be the cause of decline of the national economy and the fall of the ringgit currency at the end of the 1990s and has been distorted for the benefit of individuals involved to be saved (bail out) from suffering worse losses," the source said.

The source added that the investigation also focused on transactions from the sale of shares of the listed company.

According to the source, the investigation also covered the ownership of valuable assets that have been identified by the anti-graft agency owned by a businessman with the title Tan Sri, a former senior minister and their family members estimated to be worth billions of ringgit both inside and outside the country.

The source said MACC has also recorded the statement of 14 witnesses in the past few weeks in relation to the investigation including the statement of the businessman and former senior minister related to the confidential documents revealed in the Pandora Papers.

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MACC Chief Commissioner Tan Sri Azam Baki when contacted confirmed the matter.

"The investigation is focused on Section 23 of the MACC Act on the offence of abuse of power to obtain bribes and money laundering offence under Section 4 (1) AMLATFPUAA," he said.