Cops nab another 'Tan Sri' over MBI Ponzi scheme
Police have arrested another individual with the title 'Tan Sri' suspected of involvement in the MBI International Group Ponzi scheme investment fraud, marking the latest development in the ongoing investigation.
Bukit Aman's Commercial Crime Investigation Department acting director Hasbullah Ali confirmed the 53-year-old Penang property company chairperson was detained on Thursday and remanded for five days to assist investigations...
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Free Malaysia Today
3 hours ago
- Free Malaysia Today
Professionals, firms used to hide money trail in highway project, says MACC
MACC chief commissioner Azam Baki said the corporate figure with a 'Tan Sri' title involved has yet to be questioned as he is still warded at a private hospital. PETALING JAYA : The Malaysian Anti-Corruption Commission (MACC) revealed that the misappropriation of sukuk funds for a Klang Valley highway project involved professionals and multiple companies to obscure the flow of funds. MACC chief commissioner Azam Baki said the professionals involved included auditors, financial experts, as well as engineers, Utusan Malaysia reported. He also said the corporate figure with a 'Tan Sri' title involved has yet to be questioned as he is still warded at a private hospital. 'Today, investigators obtained a medical assessment from the attending doctor to verify the Tan Sri's condition before we can proceed to record his statement. 'In the meantime, 45 individuals who previously gave statements have been called back to provide further information,' he said. Azam added that the investigation team is also tracking down luxury vehicles and properties belonging to the Tan Sri in London and Switzerland. He said investigations now focus on the actual value of luxury alcoholic beverages in the Tan Sri's possession, amid suspicions that some of the misappropriated funds may have been transferred to other accounts. 'At the same time, a notice for asset declaration has been issued to the Tan Sri and other relevant parties,' he added. To date, the seized assets include 14 individual bank accounts totalling RM4.5 million, eight company accounts totalling RM33 million, a luxury condominium and a plot of land valued at RM24.5 million, as well as nine vehicles worth RM7.65 million. Azam said 13 more vehicles have yet to be handed over to investigators. Also seized were luxury watches worth around RM25 million, designer handbags valued at RM3 million, jewellery and diamonds worth RM6 million, and four horses valued at RM400,000. 'RM3 million worth of alcoholic beverages, overseas assets valued at over RM15 million, and gambling activities estimated at around RM20 million are also under investigation. 'Investigations are also focussing on RM12 million in bribes allegedly paid to certain parties to facilitate the movement of funds out and back into the suspect's possession,' he said. Previously, Azam said that the anti-graft agency was investigating three cases of alleged bribery and false claims connected to the Maju Expressway Extension (MEX II). He said the first investigation paper involves false claims amounting to RM361 million which came from sukuk funds, while the second case concerns false disclosures involving RM416 million in sukuk funds and RM50 million in bank loans. The third case involves certain parties who allegedly solicited and received around RM12 million in bribes.
New Straits Times
6 hours ago
- New Straits Times
MACC details RM143m assets seized in relation to sukuk fund misuse
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.
New Straits Times
a day ago
- New Straits Times
'Public unclear on heritage guidelines, land use regulations'
GEORGE TOWN: The demolition of a property that once belonged to the late tycoon Tan Sri Loh Boon Siew has renewed public concerns over Penang's approach to heritage preservation amid rapid urban development. Penang Heritage Trust honorary treasurer Trevor Sibert said the episode highlighted a significant gap in public understanding of heritage guidelines, land use regulations and the roles of local authorities in approving developments. "The issue shows there's a lack of awareness about what areas are protected and how decisions are made," he told the New Straits Times. "The land in question is privately owned and the development was approved by the Penang Island City Council. "Outside designated heritage zones, such actions are permitted by law." Sibert clarified that only parts of George Town fell within the United Nations Educational, Scientific and Cultural Organisation World Heritage Site, and no Malaysian state has designated its entire area as a heritage zone. "To subject an entire state to heritage controls would be impractical and hinder necessary development." The demolition has reignited the ongoing debate between heritage conservation and modern development. However, Sibert said, he believed this was not a matter of choosing one over the other. "Every time a development is approved, accusations of profit over culture surface. But Penang needs to strike a balance. "Development brings jobs, improves infrastructure and supports future generations. "At the same time, heritage itself can be an economic driver through tourism." Sibert also pointed to the loss of significant heritage sites in recent years, including Kampung Siam in Pulau Tikus and the gravesite of Foo Teng Nyong, the wife of historical figure Kapitan China Chung Keng Quee, calling them as "irreplaceable." He said the Penang Heritage Trust continued to play an active role in conservation efforts. It participates in the Technical Review Board under the Penang Island City Council and provides input on development proposals within the George Town World Heritage Sate. Sibert said preservation, however, required collaboration among various bodies, not just non-governmental organisations. He said among the recurring challenges were neglected heritage properties and buildings outside protection zones. "Some owners abandon their properties or let them deteriorate to the point of being unsafe. "It's difficult for the local council to manage these cases consistently." Sibert said he believed the state government remained committed to heritage protection, citing the continued support for the George Town World Heritage Incorporated and consultation with Penang Heritage Trust. "Penang's history is a source of pride and tourism appeal. The government knows this. "But as with any administration, there is always room for improvement," he added. The recent demolition has sparked public outcry, but Sibert hoped it would also encourage more people to get involved in heritage preservation.
