MACC details RM143m assets seized in relation to sukuk fund misuse

New Straits Times

2 days ago

KUALA LUMPUR: The Malaysian Anti-Corruption Commission (MACC) has detailed the assets seized during its investigation into the misappropriation of sukuk funds linked to a highway construction project in the Klang Valley involving a prominent individual holding the title Tan Sri.
The funds were believed to have been misused by a highway concessionaire holder bearing the title 'Tan Sri', following operations carried out since last week.
MACC Chief Commissioner Tan Sri Azam Baki said the seizures included RM4.5 million from 14 individual accounts and RM33 million from eight company accounts, as well as a luxury condominium and a plot of land worth RM24.5 million.
"The commission also seized nine vehicles worth RM7.65 million, although 13 more have yet to be handed over to the investigating team.
"The seizures also comprised luxury watches worth approximately RM25 million, handbags worth RM3 million, jewellery and diamonds valued at RM6 million, four horses worth RM400,000, alcoholic beverages worth RM3 million, foreign assets estimated to exceed RM15 million, and gambling activities believed to involve around RM20 million," he said.
Azam said preliminary investigations revealed that the misappropriation occurred between 2016 and 2020, involving RM1.35 billion in sukuk funds.
"False claims totalling around RM360 million and RM416 million were made, in addition to another RM50 million from other bank loan facilities.
"The RM1.67 billion highway project also failed to be completed within the stipulated period. Investigations are now focusing on alleged bribery involving RM12 million paid to certain parties in exchange for assisting with fund outflows, which were later returned to the suspect," he said.
Azam said the misappropriated funds are believed to have been laundered.
He also said that professionals such as auditors, financial experts, engineers, and several companies were allegedly engaged in the scheme to layer and conceal the illicit flow of funds.
"As of now, the MACC has not yet recorded a statement from the Tan Sri, as he is currently warded at a private hospital. Today, investigators will obtain confirmation from doctors regarding his health status before proceeding with the statement recording.
"In the meantime, the total number of witness statements remains at 45, with several witnesses who had previously given their statements recalled for further questioning," he said.
Azam also said the investigation team is tracking down the Tan Sri's luxury vehicles and properties located both locally and abroad, including in London and Switzerland.
He added investigators are now focusing on determining the actual value of luxury alcoholic beverages in the Tan Sri's possession, amid suspicions that funds may have been transferred to other accounts.
At the same time, a notice for declaration of assets has also been issued to the Tan Sri and related parties.