MACC Seizes RM85.6 Mln In Assets Over Alleged Highway Sukuk Fund Misuse

Barnama

a day ago

KUALA LUMPUR, May 31 (Bernama) -- The Malaysian Anti-Corruption Commission (MACC) has seized and frozen assets and bank accounts worth an estimated RM85.6 million as part of an ongoing investigation into the alleged misuse of sukuk funds linked to a Klang Valley highway project.
The probe centres on a concessionaire with the honorific title Tan Sri, suspected of diverting project financing for personal use.
MACC Chief Commissioner Tan Sri Azam Baki said the seizures include 14 individual bank accounts totalling RM4.5 million and eight company accounts amounting to RM33 million.
Also confiscated were luxury vehicles (RM7.65 million), designer handbags (RM3 million), jewellery (RM6 million), high-end watches (estimated at RM7 million) and properties valued at RM24.5 million.
'We believe hundreds of millions in sukuk funds were channelled to the contractor's company, owned by the Tan Sri, and later misused for personal interests rather than the intended highway project,' Azam said when contacted.
The funds were allegedly transferred to multiple entities, including proxy companies and the personal account of the Tan Sri's wife, and used to acquire assets such as real estate, luxury vehicles and goods and to fund gambling activities.
Azam added that the money may also have been used to finance local and overseas property purchases and investments, which were concealed through layered transactions designed to obscure their origin.
As of now, investigators have not yet recorded a statement from the Tan Sri due to his current hospitalisation.
'We are reviewing the acquisition trail of these assets and obtaining relevant bank documents, including those tied to the suspect, to support our analysis,' he said.